Chevron Corporation** (NYSE: CVX) today announced that it
started water injection operations at two projects to boost oil and
natural gas recovery at the company’s existing Jack/St. Malo and
Tahiti facilities in the deepwater U.S. Gulf of Mexico, where
Chevron operations produce some of the world’s lowest carbon
intensity oil and gas.
“Delivery of these two projects maximizes returns from our
existing resource base and contributes toward growing our
production to 300,000 net barrels of oil equivalent per day in the
U.S. Gulf of Mexico by 2026,” said Bruce Niemeyer, president,
Chevron Americas Exploration & Production. “These achievements
follow the recent production startup at our high-pressure Anchor
field, reinforcing Chevron’s position as a leader in technological
delivery and project execution in the Gulf.”
At the Jack/St. Malo facility, Chevron achieved first water
injection at the St. Malo field, the company’s first waterflood
project in the deepwater Wilcox trend. The project was delivered
under budget, with the addition of water injection facilities, two
new production wells, and two new injection wells. It is expected
to add approximately 175 million barrels of oil equivalent to the
St. Malo field’s gross ultimate recovery.
The St. Malo field and Jack/St. Malo facility are approximately
280 miles (450 km) south of New Orleans, La., in approximately
7,000 feet (2,134 m) of water. Since the fields started production
in 2014, Jack and St. Malo together have cumulatively produced
almost 400 million gross barrels of oil equivalent.
At the Tahiti facility, located approximately 190 miles (306 km)
south of New Orleans in around 4,100 feet (1,250 m) of water,
Chevron started injecting water into its first deepwater Gulf
producer-to-injector conversion wells. The project included
installation of a new water injection manifold and 20,000 feet of
flexible water injection flowline.
Bolstered by multiple development projects since the start of
operations in 2009, the Tahiti facility recently surpassed 500
million gross barrels of oil-equivalent cumulative production. The
company continues to study advanced drilling, completion, and
production technologies that could be employed in future
development phases at Tahiti and Jack/St. Malo with the potential
to further increase recovery from these fields.
Chevron, through its subsidiary Union Oil Company of California,
is operator of the St. Malo field and, together with its subsidiary
Chevron U.S.A. Inc., holds a 51 percent working interest. Co-owners
MP Gulf of Mexico, LLC owns a 25 percent interest; Equinor Gulf of
Mexico LLC, 21.5 percent; Exxon Mobil Corporation, 1.25 percent;
and Eni Petroleum US LLC, 1.25 percent.
Chevron U.S.A Inc. is operator of the Tahiti facility with a 58
percent working interest. Co-owners Equinor Gulf of Mexico LLC and
TotalEnergies E&P USA, Inc. hold 25 percent and 17 percent
stakes, respectively.
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable, and ever-cleaner energy
is essential to enabling human progress. Chevron produces crude oil
and natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance our business and the industry. We aim to grow our oil and
gas business, lower the carbon intensity of our operations and grow
lower carbon businesses in renewable fuels, carbon capture and
offsets, hydrogen and other emerging technologies. More information
about Chevron is available at www.chevron.com.
Notice
As used in this news release, the term “Chevron” and such terms
as “the company,” “the corporation,” “our,” “we,” “us” and “its”
may refer to Chevron Corporation, one or more of its consolidated
subsidiaries, or to all of them taken as a whole. All of these
terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which
manages its own affairs.
Please visit Chevron’s website and Investor Relations page at
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where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and lower carbon strategy that are based on
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of the date of this news release. Unless legally required, Chevron
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Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
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the military conflict between Russia and Ukraine, the conflict in
Israel and the global response to these hostilities; changing
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potential failure to achieve expected net production from existing
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from pending or future litigation; the risk that regulatory
approvals with respect to the Hess Corporation (Hess) transaction
are not obtained or are obtained subject to conditions that are not
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regarding preemptive rights in the Stabroek Block joint operating
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if consummated, will achieve its anticipated economic benefits,
including as a result of regulatory proceedings and risks
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the possibility that any of the anticipated benefits and projected
synergies of the potential transaction will not be realized or will
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of changed accounting rules under generally accepted accounting
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ability to identify and mitigate the risks and hazards inherent in
operating in the global energy industry; and the factors set forth
under the heading “Risk Factors” on pages 20 through 26 of the
company’s 2023 Annual Report on Form 10-K and in subsequent filings
with the U.S. Securities and Exchange Commission. Other
unpredictable or unknown factors not discussed in this news release
could also have material adverse effects on forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903501268/en/
For media inquiries contact:
Paula Beasley Paula.beasley@chevron.com +1 281-728-4426
Chevron (NYSE:CVX)
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