Chevron achieves a $5 billion breakthrough in Gulf of Mexico deepwater oil production, overcoming extreme pressures to pump 75,000 barrels per day.
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Chevron has reached a breakthrough and advancement in creating oil from a U.S Gulf of Mexico field under extreme pressures, the company stated on Monday. The project valued at $5 billion, called Anchor, produces oil from deepwater areas that have been off limits due to the lack of equipment that works under the enormous pressure down below. At peak the project will pump 75,000 barrels of oil everyday. “This anchor milestone demonstrates Chevron’s ability to safely deliver projects within budget in the Gulf of Mexico,” said Bruce Neimeyer, head of Chevron's American oil and gas production. The stock has not seen tremendous movement but investors are eager to see the future of Chevron, with this new breakthrough.
