🛢️🌊🇺🇸 Chevron Launches Gulf Project to Boost Output by 50% in 2025
🔹 Summary:
Chevron has begun production at its $1.6B Ballymore project in the U.S. Gulf of Mexico, targeting a 50% production increase from the region this year.
Using existing infrastructure, the project is expected to produce 75,000 boepd and reflects Chevron’s broader cost-cutting and deepwater expansion strategy.
🔹 Key Points:
• Ballymore is a three-well development located 160 miles southeast of New Orleans.
• It is Chevron’s first project in the Norphlet formation, holding ~150M barrels of recoverable oil equivalent.
• Production is tied back to an existing platform, accelerating output and reducing costs.
• Chevron owns 60% of the project; TotalEnergies holds 40%.
• The company aims to reach 300,000 boepd from the Gulf by 2026 and cut $3B in overall costs.
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