Chevron Begins Production at Anchor Using Groundbreaking Deepwater Technology

On August 12, 2024, Chevron Corporation announced the commencement of oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico. This milestone highlights the successful implementation of high-pressure technology, capable of safely operating at up to 20,000 psi, with reservoir depths extending to 34,000 feet below sea level.

“The Anchor project signifies a major advancement for the energy sector,” said Nigel Hearne, Executive Vice President of Chevron Oil, Products & Gas. “The use of this pioneering deepwater technology enables us to access resources that were previously challenging to reach and will pave the way for similar high-pressure deepwater developments across the industry.”

The Anchor semi-submersible floating production unit (FPU) is designed to handle 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas daily. The development includes seven subsea wells connected to the Anchor FPU, situated in the Green Canyon area about 140 miles (225 km) offshore Louisiana, in water depths of around 5,000 feet (1,524 meters). The Anchor field is estimated to contain up to 440 million barrels of oil equivalent in potentially recoverable resources.

“This milestone at Anchor highlights Chevron’s capability to safely complete projects on budget in the Gulf of Mexico,” said Bruce Niemeyer, President of Chevron Americas Exploration & Production. “The Anchor project delivers cost-effective, reliable, and lower carbon intensity oil and natural gas to address energy needs while stimulating economic activity in Gulf Coast communities.”

The Anchor FPU is Chevron’s sixth active facility in the U.S. Gulf of Mexico, a region known for its low carbon intensity in oil and gas production. Chevron’s operated and non-operated facilities in the Gulf are projected to produce a total of 300,000 net barrels of oil equivalent per day by 2026.

To cut carbon emissions, the Anchor FPU was designed as an all-electric facility featuring electric motors and electronic controls. It also employs waste heat and vapor recovery units, and uses existing pipeline infrastructure to transport oil and natural gas directly to markets on the U.S. Gulf Coast.

Chevron, via its subsidiary Chevron U.S.A. Inc., operates the Anchor project and holds a 62.86 percent working interest. Co-owner TotalEnergies E&P USA, Inc. holds a 37.14 percent working interest.

Chevron is a leading global integrated energy company that views affordable, reliable, and increasingly clean energy as crucial for advancing human progress. Chevron engages in the production of crude oil and natural gas, the manufacture of transportation fuels, lubricants, petrochemicals, and additives, and the development of technologies that benefit both the company and the broader industry.