Chevron Starts Ultra-Deepwater Oil Field Production in U.S. Gulf of Mexico — OPIS

Chevron on Monday said its Anchor deepwater oil and gas project in the U.S. Gulf of Mexico has delivered its industry-first production using high-pressure technology that is able to operate at up to 20,000 psi with reservoir depths reaching almost 6.5 miles (10.4 km) below sea level.

The company said its Anchor semi-submersible floating production unit has a design capacity of 75,000 b/d of oil and 28 MMcf/day of natural gas.

Chevron put the potentially recoverable resources from the field at as much as 440 million barrels of oil equivalent. The development will consist of seven subsea wells tied into the Anchor FPU, in the Green Canyon area of the Gulf, about 140 miles off the coast of Louisiana.

"Application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar deepwater high-pressure developments for the industry," Nigel Hearne, Chevron's executive vice president of oil, products and gas, said in a statement.

Chevron said its Anchor FPU is its sixth operated facility currently producing in the U.S. Gulf of Mexico and is one of the lowest-carbon-intensity basins of the world. Chevron said its operated and joint venture facilities in the Gulf of Mexico are expected to produce a combined 300,000 net barrels of oil equivalent per day by 2026.

Chevron operates and owns a 62.86% stake of Anchor, with the project's co-owner TotalEnergies holding a 37.14% interest.

Last week, the Energy Information Administration predicted U.S. crude oil production to average 13.23 million b/d in 2024, a record high. The U.S. has produced more crude oil than any nation at any time for the last six years, the agency said.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

August 12, 2024 12:56 ET (16:56 GMT)

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