Innovative drilling technology could unlock 5 billion barrels of oil

Recent developments in ultra-high-pressure drilling technology, such as that used by US supermajor Chevron in its new Gulf of Mexico project, could unlock more than 5 billion barrels of known but previously inaccessible oil deposits globally , including over 2 billion barrels in the US Gulf. from Mexico alone, analysts said.

Chevron announced an innovative ultra-high-pressure drilling technology earlier this week as it started production at its $5.7 billion Anchor project in the Gulf of Mexico, making history with the first successful application of the new technology. high pressure for ultra deep reservoirs. .

“The Anchor project is a breakthrough for the energy industry,” said Nigel Hearne, Executive Vice President, Chevron Oil, Products & Gas.

“The application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar high-pressure deepwater developments for the industry.”

First oil from the Anchor field has the potential to unlock a considerable amount of new production, energy consultancy Wood Mackenzie said this week.

“Chevron paves the way for unlocking Inboard Paleogene ultra-high pressure reservoirs that have never been produced. Inboard Paleogene will herald a new chapter in the US Gulf of Mexico,” commented Mfon Usoro, Principal Analyst at Wood Mackenzie.

The consultancy estimates that more than 2 billion barrels of oil equivalent could be unlocked as companies operating in the US Gulf of Mexico “continue to promote the commercialization of discoveries in the frontier field”.

“The GOM has repeatedly proven to be a hub for technological innovation, and the deployment of ultra-high pressure technology puts the region once again at the forefront of technological breakthrough,” added WoodMac’s Usoro.

Separately, Rystad Energy analyst Aditya Ravi told Reuters that ultra-high pressure drilling technology could unlock more than 5 billion barrels of known oil and gas resources globally, with offshore Brazil, Angola and Nigeria likely to benefit from the more than technological advances. from the US Gulf of Mexico.

By Charles Kennedy for Oilprice.com

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