IVZ media thread, page-7193

Pressure No Problem (for Oil ) !!.....

New drilling technology to put billions of barrels of oil in reach, analysts say

HOUSTON, Aug 14 (Reuters) - An oil production breakthrough that producers say can safely tap ultra-high pressure fields could put up to 5 billion barrels of previously inaccessible crude into production, analysts said.

Chevron on Monday disclosed it had pumped first oil from a field at 20,000 pounds per square inch pressures, a third greater than any prior well. Its $5.7 billion Anchor project employs specially designed equipment from
NOV (NOV.N), Drill0il-Quip (DRQ.N), and drillships from Transocean (RIGN.S).

"These ultra-high pressure fields are going to be a big driver for production growth in the Gulf of Mexico,"....

The Gulf of Mexico has produced below the record 2019 level of 2 million barrels per day, and the additional oil could help return the region to its peak output.

BP has its own high-pressure technology it hopes can tap 10 billion barrels of known oil. Its first 20k project, Kaskida, was discovered in 2006 and put aside because of a lack of high-pressure technology.

https://www.reuters.com/business/energy/new-drilling-technology-put-billions-barrels-oil-reach-analysts-say-2024-08-14/