Chevron Corporation (NYSE: CVX) announced today that it has commenced oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico. This project marks the successful deployment of high-pressure technology, capable of safely operating at pressures up to 20,000 psi, with reservoirs located 34,000 feet below sea level.
“The Anchor project is a significant advancement for the energy sector,” said Nigel Hearne, executive vice president of Chevron Oil, Products & Gas. “The use of this pioneering deepwater technology allows us to access resources that were previously challenging to reach, paving the way for similar high-pressure developments in the industry.”
The Anchor semi-submersible floating production unit (FPU) is designed to handle a capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day. The project includes seven subsea wells connected to the Anchor FPU, which is situated in the Green Canyon area, approximately 140 miles (225 km) off the coast of Louisiana, in water depths of about 5,000 feet (1,524 m). The total potentially recoverable resources from the Anchor field are estimated to be up to 440 million barrels of oil equivalent.
“This milestone at Anchor highlights Chevron’s capability to safely deliver projects on budget in the Gulf of Mexico,” said Bruce Niemeyer, president of Chevron Americas Exploration & Production. “The Anchor project contributes to providing affordable, reliable, and lower carbon intensity oil and natural gas to meet energy demand, while also supporting economic growth in Gulf Coast communities.”
The Anchor FPU is Chevron’s sixth operated facility currently producing in the U.S. Gulf of Mexico, which is recognized as one of the world’s lowest carbon intensity oil and gas basins. By 2026, Chevron’s operated and non-operated facilities in the Gulf of Mexico are expected to produce a combined 300,000 net barrels of oil equivalent per day.
In an effort to reduce carbon emissions, the Anchor FPU was designed as an all-electric facility, featuring electric motors and electronic controls. Additionally, the FPU incorporates waste heat and vapor recovery units and utilizes existing pipeline infrastructure to transport oil and natural gas directly to U.S. Gulf Coast markets.
Chevron, through its subsidiary Chevron U.S.A. Inc., operates the project and holds a 62.86 percent working interest in Anchor. Co-owner TotalEnergies E&P USA, Inc. holds the remaining 37.14 percent working interest.
