Chevron achieves technological breakthrough, produces first oil from ultra-high pressure field in Gulf of Mexico
Houston, Texas - August 12, 2024
Chevron Corporation (NYSE: CVX) announced today that it has started producing oil and natural gas from the Anchor field on the United States side of the Gulf of Mexico.
The Anchor field, located about 140 miles (225 kilometers) off the coast of Louisiana, is the first ultra-high pressure field to be brought into production in the US. Chevron's breakthrough technology is a key development for the industry, as it will allow producers to safely tap into these high-pressure fields.
"This is a major milestone for Chevron and for the industry as a whole," said Chevron's chief executive officer, Michael Wirth. "This breakthrough technology will allow us to access new resources that were previously out of reach, and it will help us to meet the growing demand for energy."
Chevron's technology uses a combination of advanced drilling and completion techniques to safely control the high pressures and temperatures in the Anchor field. The company has invested more than $1 billion in developing this technology, and it is expected to have a significant impact on the future of oil and gas production in the Gulf of Mexico.
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