Chevron’s new high-pressure tech “could unlock 5 billion barrels”

HOUSTON, August 15, 2024 – The ultra-high-pressure drilling breakthrough announced by Chevron this week could unlock 5 billion barrels of previously inaccessible oil, Reuters reported on Wednesday.

On Monday, Chevron and partner TotalEnergies announced first oil from the Anchor field in the US Gulf of Mexico. The milestone marked the successful delivery of high-pressure technology rated to safely operate at up to 20,000 psi (1,380 bar), with reservoir depths reaching 10,360 metres (34,000 feet) below sea level.

The pressure is one-third higher than any drilled in previously.

The project deployed technologies from NOV and Dril-Quip along with Transocean drillships.

The Gulf of Mexico is home to extensive high-pressure, high-temperature (HPHT) reservoirs. Other countries with similar reservoirs include Brazil, Angola and Nigeria.

Worldwide, the new high-pressure drilling technology could tap more than 5 billion barrels of known oil and gas globally, Reuters cited Rystad Energy analyst Aditya Ravi as saying.

The 20,000-psi threshold, which has become known in the industry as 20K, has also been reached by BP via its own technology. By deploying it, the company expects to be able to unlock 10 billion additional barrels of known oil, the report said.

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