The Stena Carron began drilling an exploratory deep-sea well northeast of St. John's earlier this month. (CBC)

The board that regulates oil activity off Newfoundland has stepped up oversight of Canada's deepest exploration well.

Earlier this month, Chevron started drilling the well 2,500 metres below the surface of the North Atlantic.

That's 1,000 metres deeper than the blown-out well that has been gushing oil into the Gulf of Mexico for a month.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Chevron must report daily to an oversight safety team.

The company must also meet with the team every two weeks and provide results of blowout equipment tests observed by a board member.

In addition, Chevron must assure the board that an oil spill rapid response team is in place before potentially hitting oil.

The government of Premier Danny Williams has fended off concerns about oil spill technology at deepsea depths.

Deputy premier Kathy Dunderdale has said the exploratory drilling occurring in the Orphan Basin more than 400 kilometres northeast of St. John's is economically crucial.

Exploration is "critical" to the oil industry that helps keep the provincial economy running, she said last week.

Dunderdale said Chevron's Stena Carron drill ship has three backup systems: an acoustic switch to close down a blown well, a remotely operated vehicle to help shut down leaks and two ramp stacks that could help block gushing oil.

Engineers in the Gulf of Mexico are still struggling to contain a massive oil spill after an explosion on the Deepwater Horizon drill rig on April 20 killed 11 workers.

The petroleum board says Chevron is expected to monitor any lessons learned from the disaster and how they might be applied to its Orphan Basin well, known as Lona O-55.

The North Atlantic is notorious for rough seas and heavy weather, which could hamper response in case of a major oil spill.