Chevron Corporation today announced it has sanctioned development of its US$ 4 billion Big Foot project in the deepwater US Gulf of Mexico.
“Sanctioning Big Foot underscores our commitment to the Gulf of Mexico and will contribute to future US energy supply,” said George Kirkland, Vice Chairman, Chevron Corporation. “This project is another example of Chevron’s disciplined approach to advancing our enviable queue of major capital projects.”
Big Foot will be Chevron’s sixth operated facility in the deepwater Gulf of Mexico and located approximately 225 miles south of New Orleans, Louisiana, in water depths of 5200 feet. The development will utilise a dry tree Extended Tension Leg Platform with an onboard drilling rig and have production capacity of 75,000 barrels of oil and 25 million ft3 of natural gas per day. First oil is anticipated in 2014. Chevron, through its subsidiary Chevron USA. Inc., has a 60% working interest in the Big Foot project.
“We have industry leading expertise in developing deepwater projects of this type and have repeatedly proven that we can do so safely,” said Gary Luquette, President, Chevron North America Exploration and Production Company.
Discovered in 2006, the Big Foot field lies in the Walker Ridge Area and is estimated to contain total recoverable resources in excess of 200 million oil-equivalent barrels. Primary pay sands are Middle to Upper Miocene ranging from 19,000 to 24,000 ft and lie below a salt canopy ranging from 8000 to 15,000 ft thick.