Chevron achieves milestone in deep-water oil output with Anchor project
Date
8/13/2024 5:26:45 AM
(MENAFN) Chevron Corp. announced a significant achievement on Monday, revealing that it has successfully produced the first oil from a U.S. field in the Gulf of Mexico under extreme deep-sea pressure. This accomplishment is the result of Chevron’s USD5.7 billion Anchor project, which represents a major technological advancement in deep-water oil production. The project has overcome the long-standing challenge of operating at pressures up to 20,000 pounds per square inch (psi), a feat that had previously been unattainable due to limitations in available equipment.
The Anchor project, located approximately 225 kilometers off the coast of Louisiana, is expected to yield production for the next 30 years. At its peak, the floating production platform is projected to handle about 75,000 barrels of oil and 28 million cubic feet of natural gas per day. Chevron's Executive Vice President, Nigel Hearn, highlighted that this breakthrough technology not only allows access to previously unreachable resources but also paves the way for similar high-pressure deep-water projects across the industry.
In parallel, another U.S. oil company, Beacon Offshore Energy, is working to replicate Chevron’s success with its own deep-water project at the Shenandoah field, also off the Louisiana coast. However, Beacon’s project has encountered delays, with production now expected to commence in the second quarter of 2025. Historically, the industry has struggled with subsea drilling at pressures exceeding 15,000 psi, despite BP's discovery of the Cascade field at 20,000 psi. This new development marks a significant step forward in deep-water drilling capabilities.
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