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Chevron Corporation (NYSE:CVX) shares are trading lower today. The company disclosed that it has started water injection operations at its Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico.
The St. Malo field and Jack/St. Malo facility, 280 miles south of New Orleans in 7,000 feet of water, has produced nearly 400 million barrels of oil equivalent since 2014.
At the Jack/St. Malo facility, Chevron successfully initiated its first water injection in the deepwater Wilcox trend at the St. Malo field. This project, completed under budget, includes new water injection facilities, two production wells, and two injection wells.
The project is anticipated to increase the St. Malo field’s gross ultimate recovery by approximately 175 million barrels of oil equivalent.
Read: Chevron To Pay Richmond $550M Over 10 Years, Avoids New Refinery Tax
At the Tahiti facility, 190 miles south of New Orleans in 4,100 feet of water, Chevron has begun water injection into deepwater wells, including installing a new manifold and 20,000 feet of flowline.
These projects aim to enhance oil and natural gas recovery, where Chevron produces some of the world’s lowest-carbon oil and gas.
Bruce Niemeyer, president, Chevron Americas Exploration & Production, said, “Delivery of these two projects maximizes returns from our existing resource base and contributes toward growing our production to 300,000 net barrels of oil equivalent per day in the U.S. Gulf of Mexico by 2026.”
“These achievements follow the recent production startup at our high-pressure Anchor field, reinforcing Chevron’s position as a leader in technological delivery and project execution in the Gulf.”
Also Read: Energy Giant Chevron To Plough $1B Into India’s Bengaluru Tech Centre, Add 600 jobs
Investors can gain exposure to the stock via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
Price Action: CVX shares are down 1.7% at $145.44 at the last check Tuesday.
Photo by Jonathan Weiss on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
