Chevron’s deepwater breakthrough could drive oil production surge

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Financial Times 11h ago

Chevron’s deepwater breakthrough could drive oil production surge - Financial Times

Quick Summary:

Wood Mackenzie forecasts the contribution from ultra-high pressure projects already under development will cause production to rise to 2.7mn barrels of oil equivalent per day by 2027.

Our main item today focuses on a major innovation in production technology that will enable operators to pump oil from deepwater basins up to six miles below sea level at ultra-high pressure.

A failure of the 20K technology would have a negative impact.“Success in the play could extend the life of the basin,” said Usoro.“However, if results fall short, it could mark the beginning of production decline in the basin and a blow to a resurgence in exploration for additional barrels.