by Andreas Exarheas
Thursday, November 22, 2018
Chevron’s operated Big Foot deepwater project starts crude oil and natural gas production.
Chevron has announced that its operated Big Foot deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production.
The project uses a 15-slot drilling and production tension-leg platform, which Chevron says is designed for a capacity of 75,000 barrels of oil and 25 million cubic feet of natural gas per day.
The Big Foot field was discovered in 2006, is estimated to contain total recoverable resources of more than 200 million oil equivalent barrels and has a projected production life of 35 years.
“The Big Foot project strengthens Chevron’s deepwater portfolio and further demonstrates that the Gulf of Mexico is an integral part of our diverse global portfolio and long-term strategy,” Jeff Shellebarger, president of Chevron North America Exploration and Production, said in a company statement.
“The project advances our interest in safely providing reliable, affordable energy to meet a growing global demand,” he added.
Big Foot is described on Chevron’s website as one of the company’s major capital projects in the deepwater U.S. Gulf of Mexico. The field is located approximately 225 miles south of New Orleans, La., in a water depth of approximately 5,200 feet.
Earlier this month, Chevron reported earnings of $4 billion for the third quarter of 2018, compared with $2 billion in the third quarter of 2017.
“Third quarter earnings more than doubled from a year ago,” Chevron Chairman and CEO Michael Wirth said in a company statement posted on November 2.
“Our strong financial results reflect higher production and crude oil prices coupled with a continued focus on efficiency and productivity,” he added.
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