Chevron achieves industry-first in ultra-high-pressure oil field

Chevron announced on Monday that it had achieved a breakthrough in technology by producing the first oil under extreme pressures from a U.S. Gulf of Mexico Field.

The $5.7 billion project called Anchor ushers in a new era of deepwater production that was previously off limits due to the lack of equipment capable of coping with pressures up to 20,000 pounds square inch.

Chevron, along with TotalEnergies, expects the Anchor project to be productive for at least 30 years.

The floating platform can pump up to 75,000 bbls of oil per day and 28 million cu ft of natural gas. The field is located about 140 miles away (225 km) from the coast of Louisiana.

Nigel Hearne, Chevron's Executive Vice President, said: "This technology is a first in the industry and allows us to access previously hard-to-access deepwater resources. It will also enable similar high-pressure deepwater developments for industry."

Beacon Offshore Energy is another U.S. oil firm that aims to duplicate Chevron's feat of 20,000 psi at its Shenandoah Deepwater Field, which is also located off the coast Louisiana. The project was delayed and first oil is expected to be produced in the second quarter 2025.

BP found the first 20,000-psi oil field in the Gulf of Mexico, named Kaskida. However, the subsea technology of that time prevented development. Subsea technology has been limited to pressures up to 15,000 psi.

BP approved the development of this field last month citing recent developments. It intends to use subsea technology and reach first Kaskida production by 2029.

Chevron will be developing seven subsea production platforms that are connected to the Anchor float. It is estimated that the subsea oil and gas field can hold up to 440,000,000 barrels.

Bruce Niemeyer is the head of Chevron Americas Oil and Gas Production.

(source: Reuters)