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03 01, 2013 by Reuters
Chevron Corp said oil flow rates during a production test at its St Malo well in deepwater Gulf of Mexico exceeded 13,000 barrels per day.
Chevron, which has a 51 percent working interest in the field, is also developing the Jack field in deepwater Gulf of Mexico. Both fields are expected to start production in 2014.
Initial development costs are estimated at $7.5 billion, the company said.
Petrobras Argentina SA, Statoil ASA, Exxon Mobil Corp and ENI SPA also have interests in St Malo.
"Jack and St Malo fields are expected to provide a major step-up in Chevron's production from 2014 and produce domestic energy for decades to come," said Gary Luquette, president of Chevron North America Exploration and Production Co.
Chevron's net daily production in the Gulf of Mexico and the onshore fields in the region was 153,000 barrels of crude oil, 395 million cubic feet of natural gas and 16,000 barrels of natural gas liquids in 2012.
Production from the Big Foot project in the deepwater Gulf of Mexico is also expected to start in 2014. Chevron has invested $4.1 billion in the project.
Peak output from all three fields is expected to be about 100,000 barrels of oil equivalent per day.
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