Chevron Sanctions Ballymore Project With 75K Barrels/day Crude Oil Capacity

(RTTNews) - Chevron Corporation (CVX) said on Tuesday that it has sanctioned the Ballymore project in the deepwater U.S. Gulf of Mexico with a design capacity of 75,000 barrels of crude oil per day with projected first oil in 2025.

The project, which involves three production wells tied back via one flowline to the nearby Blind Faith facility, will require an investment of around $1.6 billion.

Chevron said that the potentially recoverable oil-equivalent resources for Ballymore are estimated at over 150 million barrels.

The project will be in the Mississippi Canyon area in around 6,600 feet of water, about 260 kilometers southeast of New Orleans. Steve Green, President of Chevron North America Exploration and Production, said: "…Once complete, Ballymore is expected to add a reliable supply of U.S.-produced energy to help meet global demand. The project is designed to lower development costs by using a subsea tieback approach, standardized equipment and repeatable engineering solutions - leveraging existing operated infrastructure."

Chevron subsidiary Chevron U.S.A. Inc. is the operator of the Ballymore project with a 60 percent working interest, whereas TotalEnergies E&P USA, Inc. owns the remaining interest.