According to Wood Mackenzie, Chevron’s discovery of the first oil from the deepwater Anchor Field in the US Gulf of Mexico (GoM) is a significant technological accomplishment.

The startup, according to principal analyst Mfon Usoro, was the result of ten years of work by regulators, service providers, and operators to facilitate the use of the ultra-high-pressure technology.

“Chevron is leading the way to unlock ultra-high-pressure reservoirs in the Inboard Paleogene, which have never been produced…,” Usoro stated. “Wood Mackenzie estimates that more than 2 Bboe could be unlocked as US GoM companies continue to advance the commercialization of discoveries in the frontier play.”

According to Usoro, production from the Inboard Paleogene could potentially alter the US Gulf of Mexico permanently. Operators anticipate that each well will recover at least 30 MMboe.

Operators expect individual wells to recover at least 30 MMboe; Usoro stated that production from the Inboard Paleogene might even permanently alter the terrain in the US GoM.

As much as thirty years of production are anticipated from Anchor, according to Chevron.

“Success in the play could extend the life of the basin,” Usoro added. “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 in the play.”

In late 2019, Chevron approved the $5.7 billion Anchor project, which it claimed at the time to be the first deepwater high-pressure development in the industry to receive a final investment decision.

The operator is Chevron U.S.A. Inc. with a 62.86% interest, while TotalEnergies E&P USA Inc. is a partner and co-owner with a 37.14% working interest.