Monday 21/April/2025 – 05:06 PM
Chevron International began to produce oil and gas in the Balimmour Maritime Field project in the deep waters in the Gulf of Mexico, with expectations of the high production of the project, which consists of three wells to 75 thousand barrels of oil equivalent daily.
Balmour marine field
And the American Energy Company announced in a statement that it aims to increase its production from the Palmour project, which costs $ 1.6 billion, to 300 thousand barrels per day of oil equivalent by 2026.
In order to see the Chevron Company to reduce its costs of up to 3 billion dollars, the company is currently working to transport oil from the new wells in the Palmour project to a already existing platform, instead of building a new platform.
Chevron owns about 60% of the project, while Total Enemz is the remaining session, where the Balmour Marine area in the Gulf of Mexico – which has been renamed to the Gulf of America – contains an estimated 150 million barrels of extracted oil equivalent.
Chevron and customs fees
Chevron’s shares decreased by 2.2% to $ 134.87, due to low oil prices, with fears that customs duties will lead to opposite economic winds that weaken the growth of fuel demand.
Brent Gross, Vice President of Chevron, the Gulf of America, said.
He added: The Palmour field, which was accomplished on the specified date and within the budget, contributes to increasing production without the need to build a new independent naval platform. This reduces our development costs, and is expected to achieve higher returns for shareholders.
Chevron is one of the world’s leading integrated energy companies. We believe that energy is affordable, reliable and clean, necessary to enable human progress. Chevron produces crude oil and natural gas, and it is manufactured by transport fuel, lubricants, petrochemicals, and additives; Techniques are evolved that enhance our work and our sector. We aim to develop our business in the field of oil and gas, reduce carbon density in our operations, and develop new business in the fields of renewable fuel, carbon detention and compensation, hydrogen, power generation for data centers, and emerging technologies.
