Houston Texas August 12 2024

Chevron Starts Oil and Gas Production from Anchor Deepwater Project

Houston, Texas, August 12, 2024

Chevron Corporation (NYSE: CVX) announced today that it has started oil and gas production from the Anchor deepwater project in the Gulf of Mexico.

The Anchor project was sanctioned by Chevron and its partner TotalEnergies in December 2019. The project is located in the Walker Ridge area of the Gulf of Mexico, approximately 130 miles offshore Louisiana, in a water depth of approximately 5,100 feet. The project is expected to produce approximately 75,000 barrels of oil equivalent per day at peak production.

Chevron's Anchor facility is the company's sixth operated facility currently producing in the U.S. Gulf of Mexico, one of the most prolific basins in the world. The facility is designed to produce up to 75,000 barrels of oil equivalent per day, including approximately 60,000 barrels of crude oil and 15 million cubic feet of natural gas.

The Anchor project is a significant milestone for Chevron and its partners. It is the company's first deepwater project in the Gulf of Mexico to start production since 2017, and the first to use a floating production unit (FPU) to process and export oil and natural gas.

The FPU is a key component of the Anchor project. It is a large, floating platform that is used to process and export oil and gas from the subsea wells. The FPU is designed to withstand the harsh conditions of the Gulf of Mexico, including hurricanes and tropical storms.

Chevron is investing heavily in the Gulf of Mexico. The company plans to spend approximately $10 billion on major capital projects in the region over the next five years. This investment will help to develop new oil and gas resources, create jobs, and boost the U.S. economy.

Conclusion

The Anchor deepwater project is a major milestone for Chevron and its partners. The project is expected to produce approximately 75,000 barrels of oil equivalent per day at peak production, and it will help to meet the growing demand for energy in the United States and around the world.