Chevron commences production at Anchor project in U.S. Gulf of Mexico

Chevron Corporation (NYSE: CVX) has launched oil and natural gas production from its innovative Anchor project in the deepwater U.S. Gulf of Mexico, marking a significant milestone for the energy sector. The project features cutting-edge high-pressure technology capable of operating at up to 20,000 psi, with reservoir depths extending to 34,000 feet below sea level.

Nigel Hearne, Executive Vice President of Chevron Oil, Products & Gas, highlighted the transformative impact of the Anchor project, stating that “the application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar high-pressure developments for the industry.” The Anchor project underscores Chevron’s commitment to advancing deepwater exploration and production capabilities.

The Anchor semi-submersible floating production unit (FPU) boasts a design capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day. Located in the Green Canyon area, approximately 140 miles (225 km) off the coast of Louisiana in water depths of about 5,000 feet (1,524 m), the Anchor development will incorporate seven subsea wells connected to the FPU. Total recoverable resources from the Anchor field are estimated to be up to 440 million barrels of oil equivalent.

Bruce Niemeyer, President of Chevron Americas Exploration & Production, praised the project’s achievement, noting, “The Anchor milestone demonstrates Chevron’s ability to safely deliver projects within budget in the Gulf of Mexico. The project provides affordable, reliable, lower carbon intensity oil and natural gas to meet energy demand, while boosting economic activity for Gulf Coast communities.”

Chevron’s Anchor FPU is the company’s sixth operational facility in the U.S. Gulf of Mexico, a region known for its low carbon intensity. The company’s facilities in this area are projected to produce a combined 300,000 net barrels of oil equivalent per day by 2026. The Anchor FPU, designed as an all-electric facility, includes electric motors, electronic controls, waste heat and vapor recovery units, and uses existing pipeline infrastructure for efficient transportation of oil and natural gas to U.S. Gulf Coast markets.

Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, operates the Anchor project and holds a 62.86 percent working interest, while TotalEnergies E&P USA, Inc. owns a 37.14 percent working interest.