Chevron has announced that a new source of oil will be coming from its latest production field in Mexico. First oil from Tahiti was achieved on May 5, 2009. Daily production is expected to ramp up to approximately 125,000 barrels of crude oil and 70 million cubic feet of natural gas before the end of the year.
The Tahiti Field is one of the largest in the Gulf of Mexico. It was discovered in 2002 and is estimated to contain total recoverable resources of 400 to 500 million oil-equivalent barrels. The total cost for the first phase of the project is $2.7 billion and represents one of 40 projects in which Chevron’s share of the investment is over $1 billion.
“Tahiti is a significant addition to our growing reserves and production,” said George Kirkland, executive vice president, Global Upstream and Gas. “It is another demonstration of our deepwater expertise, and our ability to execute an industry-leading queue of major capital projects.”
(Source) Press
Tags: capital projects, chevron, crude oil, gulf of mexico, natural gas, oil equivalent, recoverable resources