The oil company Chevron will drill a third well at the Orphan Basin off the east coast of Newfoundland, despite its lack of success there so far.

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Chevron will drill a third well in the Orphan Basin, off the east coast of Newfoundland. (CBC)

Bobby Ryan, Chevron's vice-president for global exploration, told an energy summit on Wednesday that the company has drilled two wells in the area.

The first well found no oil, and the results of the second well have not been made public.

Ryan said Chevron has learned a lot about the geology of the Orphan Basin.

He said he hopes that knowledge will point the company in the right direction.