TTE

TotalEnergies SE

52.34
USD
4.35%
52.34
USD
4.35%
40.33 61.14
52 weeks
52 weeks

Mkt Cap 138.20B

Shares Out 2.64B

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Chevron to move forward with $1.6B Gulf of Mexico deepwater project

Chevron (NYSE:CVX) said on Tuesday it has authorized the $1.6B Ballymore project in deepwater Gulf of Mexico, with a design capacity of 75K bbl/day of crude oil. Ballymore, which will be Chevron's (CVX) first development in the Norphlet trend of the U.S. Gulf of Mexico, is estimated to have more than 150M boe of potentially recoverable resources. The company said it will use existing infrastructure to access the oil by building a three-mile subsea tieback from Ballymore to its Blind Faith platform. Chevron (CVX) is operator of the Ballymore project and owns a 60% working interest, while TotalEnergies (TTE) holds a 40% stake; first oil from the project is expected in 2025. "Chevron is in the best place to take advantage of the widespread energy crunch," Cappuccino Finance writes in a bullish analysis published recently on Seeking Alpha.

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