U.S. Offshore Chevron-TotalEnergies Field Begins Production

Researched by Industrial Info Resources (Sugar Land, Texas)--Chevron Corporation (NYSE:CVX) (Houston, Texas) and TotalEnergies SE (NYSE:TTE) (Courbevoie, France) announced Monday that oil and gas production has begun from the Ballymore field, located offshore about 160 miles southeast of New Orleans.

The offshore oil and gas field will be operated by Chevron, which has a 60% stake in the project, with TotalEnergies holding the remaining 40%. Ballymore is located in the Mississippi Canyon area of the Gulf of Mexico, renamed by the Trump administration the Gulf of America, at a depth of about 6,600 feet. The companies have been developing the prospect for a few years, and now the process of begins of ramping up production to an expected peak of 75,000 barrels per day (BBL/d) of oil and 50 million cubic feet of natural gas. The hydrocarbons will be carried to Chevron's Blind Faith floating production unit three miles away. TotalEnergies noted, "The project utilizes existing infrastructure as well as standardized equipment to ensure lower development costs and lower emission intensity." Chevron stated the use of the Blind Faith platform for the Ballymore field "brings additional production online without building a new standalone offshore platform. This reduces our development costs and is expected to drive higher returns for shareholders."

The new production is expected to add to about 30,000 barrels oil equivalent per day (boe/d) to TotalEnergies' Gulf production, lifting the company's U.S. deepwater production to more than 75,000 boe/d. TotalEnergies is targeting hydrocarbon production growth of more than 3% this year, and the Ballymore field will contribute to this goal.

Chevron has its own goals for production, and the Ballymore field represents a step toward the 300,000 boe/d of offshore oil and gas that the company is targeting from the Gulf by the end of 2026.

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Also in the Mississippi Canyon is the Silverback prospect, which Chevron is developing with Shell plc (NYSE:SHEL) (London, England) and Murphy Oil Corporation (NYSE:MUR) (Houston, Texas). Work on the subsea infrastructure potentially could begin next year. Chevron exited the Shell-operated Blacktip project in the Gulf in exchange for Shell's taking a 30% working interest in the Silverback prospect, which Chevron will operate. Subscribers can learn more by viewing the related project reports.

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