New deepwater projects in the Gulf of Mexico
In 2019, Chevron announced its final investment decision for a seven-well subsea development unit and a semi-submersible floating production unit with a design capacity of 75,000 barrels of crude oil and 28.0 million cubic feet of natural gas per day. The new technology, which is capable of withstanding operating pressures of 20,000 pounds per square inch, is one of the first deepwater ultra-high-pressure developments to achieve a final investment decision. Drilling of the first development well began in December of 2021 and first production is expected in 2024.
COVID|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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