Chevron has commenced oil and natural gas production from the Anchor project in the deepwater US Gulf of Mexico.  

Located 225km off the coast of Louisiana, the Anchor project was launched in December 2019.  

It features a semi-submersible floating production unit (FPU) with a production capacity of 75,000 barrels per day of oil and 28 million cubic feet per day of gas.  

The system includes subsea wells connected to the FPU, which operates at water depths of approximately 1,524m. 

The Anchor field is estimated to contain up to 440mbbl of potentially recoverable oil equivalent.  

Chevron, through its subsidiary Chevron USA, is the operator of the project, holding a 62.86% working interest.  

TotalEnergies E&P USA, the co-owner, holds a 37.14% working interest in the project. 

The Anchor FPU represents Chevron's sixth operated facility in the US Gulf of Mexico.  

The company's facilities in the region, both operated and non-operated, are projected to produce a combined 300,000 net barrels of oil equivalent per day by 2026. 

In line with sustainability efforts, the Anchor FPU has been designed as an all-electric facility, featuring electric motors and electronic controls to reduce carbon emissions.  

It also utilises waste heat and vapour recovery units, and leverages existing pipeline infrastructure for the transportation of oil and natural gas directly to US Gulf Coast markets. 

Chevron Americas exploration & production president Bruce Niemeyer said: “This Anchor milestone demonstrates Chevron’s ability to safely deliver projects within budget in the Gulf of Mexico. The Anchor project provides affordable, reliable, lower-carbon-intensity oil and natural gas to help meet energy demand, while boosting economic activity for Gulf Coast communities.” 

TotalEnergies exploration & production president Nicolas Terraz said: “The start-up of Anchor is a new milestone in the deployment of TotalEnergies’ integrated energy model in the US, combining the development of oil projects with a high leverage to price and a low emissions intensity and growth in integrated LNG and integrated Power. Delivered safely, on time and within budget, this project will contribute to the company’s free cash flow growth trajectory.” 

The commencement of production at Anchor comes after Chevron reported a 26% decrease in its second quarter earnings in 2024.