Chevron & TotalEnergies Tap First Oil From Ballymore in U.S. Gulf

Core Insights - Chevron Corporation (CVX) and TotalEnergies SE (TTE) have successfully commenced oil and gas production from the Ballymore project in the Gulf of America, expected to deliver up to 75,000 gross barrels of oil per day and 50 million cubic feet of gas daily [1][6] - The Ballymore project is part of Chevron's strategic goal to produce 300,000 net barrels per day of oil equivalent from the Gulf by 2026 [2] - The project utilizes existing infrastructure, enhancing cost efficiency and emissions reduction [6] Project Details - The Ballymore project holds an estimated 150 million barrels of oil equivalent in potentially recoverable resources over its lifespan [6] - Located in the Mississippi Canyon area, approximately 160 miles southeast of New Orleans, the field sits in water depths of about 6,600 feet [6] - Chevron operates the project with a 60% working interest, while TotalEnergies holds the remaining 40% [7] Strategic Goals - For TotalEnergies, the project increases its deepwater production capacity in the U.S. to over 75,000 barrels of oil equivalent per day, contributing to its goal of over 3% hydrocarbon production growth by 2025 [8] - The project aligns with TotalEnergies' integrated energy strategy, which includes oil, gas, LNG, and power developments [8] Recent Developments - Chevron has initiated production from several projects since 2024, including the industry-first Anchor project, which accesses reservoirs nearly 35,000 feet below the ocean's surface [3] - In January 2025, Chevron, in collaboration with Shell, started production from the Whale project, expected to involve up to 15 wells with an estimated peak production of 100,000 gross barrels of oil equivalent per day [4] - Chevron has also begun water injection at its Tahiti and Jack/St. Malo facilities to boost output, expecting to add about 175 million barrels of oil equivalent to the St. Malo field's gross ultimate recovery [5]