Chevron Achieves Technological Breakthrough in Gulf of Mexico
Industry-First Deepwater Technology Unlocks New Oil and Gas Reserves
Houston, Texas - August 12, 2024
Chevron Corporation (NYSE: CVX) today announced that it has achieved a major technological breakthrough by successfully producing oil and natural gas from a field in the Gulf of Mexico under extreme subsea pressures.
The Anchor field, located approximately 140 miles (225 kilometers) off the coast of Louisiana, marks the first time this industry-leading deepwater technology has been used to access previously untapped reserves.
"This technological advancement represents a significant milestone for our company and the industry," said Michael Wirth, Chevron's Chairman and CEO. "It allows us to responsibly develop these valuable resources while meeting the world's growing energy needs."
The Anchor field is operated by Chevron in partnership with TotalEnergies. The project utilized innovative drilling and completion techniques to reach the reservoir, which is located at depths of more than 7,000 feet (2,100 meters) below sea level and subjected to pressures of over 15,000 pounds per square inch.
Chevron's successful production of oil and gas from the Anchor field demonstrates the company's commitment to technological innovation and its dedication to unlocking new energy sources to fuel the future.
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