Chevron Approves High-Pressure Anchor Project in Gulf of Mexico
December 12 2019 - 9:19AM
Dow Jones News
By Colin Kellaher
Chevron Corp. (CVX) Thursday said it is moving forward with a
multibillion-dollar project in the Gulf of Mexico that will use a
new high-pressure drilling technology.
The San Ramon, Calif., energy giant said the Anchor project,
which will require an initial development investment of roughly
$5.7 billion, is the industry's first deepwater high-pressure
development to achieve a final investment decision.
Chevron operates and holds a 62.86% working interest in the
Anchor project, located in the Green Canyon area about 140 miles
off the coast of Louisiana. Total E&P USA Inc., a unit of
French oil major Total S.A. (TOT), holds a 37.14% stake.
Chevron said the new technology, which can handle pressures of
20,000 pounds per square inch, opens the door to other resource
opportunities across the Gulf of Mexico.
Chevron said the first stage of the development consists of a
seven-well subsea development and a semi-submersible floating
production unit, with the first oil expected in 2024.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 12, 2019 09:04 ET (14:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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