Recent developments in ultra-high-pressure drilling technology like the one U.S. supermajor Chevron uses at its new Gulf of Mexico project could unlock more than 5 billion barrels of known but previously inaccessible oil deposits globally, including more than 2 billion barrels in the U.S. Gulf of Mexico alone, analysts have said.
Chevron announced earlier this week a breakthrough ultra high-pressure drilling technology as it launched production at its $5.7-billion Anchor project in the Gulf of Mexico, making history with the first-ever successful application of new high-pressure technology for ultra-deep reservoirs.
"The Anchor project represents a breakthrough for the energy industry," said Nigel Hearne, executive vice president, Chevron Oil, Products & Gas.
"Application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar deepwater high-pressure developments for the industry."
First oil at the Anchor field has the potential to unlock a considerable amount of new production, energy consultancy Wood Mackenzie said this week.
"Chevron is leading the way to unlock ultra-high-pressure reservoirs in the Inboard Paleogene, which have never been produced. The 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 U.S. Gulf of Mexico "continue to advance the commercialization of discoveries in the frontier play."
"The US GoM has repeatedly proven itself as a hub for technological innovation and the deployment of the ultra-high-pressure technology puts the region once again at the forefront of a technology breakthrough," WoodMac's Usoro added.
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 the most from the technology advances apart from the U.S. Gulf of Mexico.
By Charles Kennedy for Oilprice.com
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