Chevron starts oil extraction with industry-first deepwater technology
14 August 2024
Chevron Corporation announced that it started oil and natural gas extraction from the Anchor project in the deepwater US Gulf of Mexico. Anchor marks the industry-first application of high-pressure technology that is capable to operate at up to 20,000 psi (138 MPa) of pressure, with reservoir depths reaching 34,000 feet (10,360 m) below sea level.
“The Anchor project represents a breakthrough for the energy industry,” said Nigel Hearne, executive vice president, Chevron Oil, Products & Gas. “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.”
The Anchor semi-submersible floating production unit (FPU) has a design capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas (30 billion BTU ≈ 5,000 barrels of oil equivalent) per day. The Anchor development will consist of seven subsea wells tied into the Anchor FPU, located in the Green Canyon area, approximately 140 miles (225 km) off the coast of Louisiana, in water depths of approximately 5,000 feet (1,524 m).
Total potentially recoverable oil and gas resources from the Anchor field are estimated to be up to 440 million barrels of oil equivalent (boe), according to Chevron. The field is expected to produce oil for up to 30 years.
For comparison, in 2023, the global economy consumed about 31 billion barrels of oil and 23 billion boe of natural gas. The respective figures for the United States were 5.6 billion barrels of oil and 5 billion boe of gas (Energy Institute data).
The Anchor FPU is Chevron’s sixth operated facility currently producing in the US Gulf of Mexico. Chevron’s operated and non-operated facilities in the Gulf of Mexico are expected to produce a combined 300,000 net barrels of oil equivalent per day by 2026.
To reduce carbon emissions, the Anchor FPU was designed as an all-electric facility with electric motors and electronic controls. Additionally, the FPU utilizes waste heat and vapor recovery units as well as existing pipeline infrastructure to transport oil and natural gas directly to US Gulf Coast markets.
Chevron, through its subsidiary Chevron U.S.A. Inc., is the operator and holds a 62.86% working interest in the Anchor project. Co-owner TotalEnergies E&P USA, Inc. holds a 37.14% working interest.
Source: Chevron