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Chevron launches production at deepwater project that aims to lower carbon intensity off offshore activity

Chevron's newest deepwater oil and natural gas production project, called the Anchor, is an all-electric facility. Photo courtesy of Chevron

Chevron's new massive deepwater oil and natural gas project in the Gulf of Mexico is officially up and running.

Chevron Corp., which recently announced its relocating its global headquarters to Houston, has officially started oil and natural gas production from its Anchor project in the U.S. Gulf of Mexico.

The semi-submersible floating production unit features a high-pressure technology that operates at up to 20,000 psi with reservoir depths reaching 34,000 feet below sea level, Chevron reports, and has a capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day.

“The Anchor project represents a breakthrough for the energy industry,” Nigel Hearne, executive vice president of Chevron Oil - Products & Gas, says in a news release. “Application of this industry-first deepwater technology allows us to unlock previously difficult-to-access resources and will enable similar deepwater high-pressure developments for the industry.”

The Anchor project is Chevron’s sixth currently operating facility in the U.S. Gulf of Mexico. Photo courtesy of Chevron

Located 140 miles off the coast of Louisiana in the Green Canyon area and in water depths of approximately 5,000 feet, the Anchor is an all-electric facility with electric motors and electronic controls. The project utilizes waste heat and vapor recovery units and existing pipeline infrastructure for oil and natural gas transportation.

“This Anchor milestone demonstrates Chevron’s ability to safely deliver projects within budget in the Gulf of Mexico,” adds Bruce Niemeyer, president, Chevron Americas Exploration & Production. “The Anchor project provides affordable, reliable, lower carbon intensity oil and natural gas to help meet energy demand, while boosting economic activity for Gulf Coast communities.”

The Anchor project is Chevron’s sixth currently operating facility in the U.S. Gulf of Mexico, which is one of the lowest carbon intensity oil and gas basins in the world, per the release. By 2026, Chevron expects to be producing a combined total of 300,000 net barrels of oil equivalent per day.

Chevron's subsidiary, Chevron U.S.A. Inc. is the project operator and holds a 62.86 percent working interest. TotalEnergies E&P USA, Inc., the co-owner, holds a 37.14 percent working interest. Chevron estimates that the total potentially recoverable resources from the Anchor field is up to 440 million barrels of oil equivalent.

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A View From HETI

Fervo Energy claimed a top 10 spot on Time magazine and Statista’s new list of America’s Top GreenTech Companies of 2025. Photo via Getty Images.

The accolades keep rolling in for Houston-based Fervo Energy, a producer of geothermal power.

Fervo lands at No. 6 on Time magazine and Statista’s new list of America’s Top GreenTech Companies of 2025. The ranking recognizes sustainability-focused companies based on factors such as impact, financial strength, and innovation.

Time notes that Fervo broke ground in 2023 in Utah on what the company claims will be the world’s largest geothermal plant. The plant is scheduled to start supplying carbon-free electricity to the grid next year and to reach its 400-megawatt capacity in three years.

“Technologies like this only make a difference if we deploy them at large-scale in a way that can reduce carbon emissions and increase the reliability of the grid,” Fervo CEO Tim Latimer told Time in 2023.

The startup was named North American Company of the Year by research and consulting firm Cleantech Group for 2025. Fervo topped the Global Cleantech 100, Cleantech Group’s annual list of the world’s most innovative and promising cleantech companies.

Last year, Fervo also made Time’s list of the 200 Best Inventions of 2024. Fervo was recognized in the green energy category for its FervoFlex geothermal power system.

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company exceeds $1 billion. The startup’s valuation is estimated at $1.4 billion. According to PitchBook data, the company raised $634 million in the fourth quarter of 2024.

In all, eight Houston-area companies appear among the top 250 greentech companies ranked by Time and Statista. Other than Fervo, they are:

  • No. 43 Lancium Technologies, an energy storage and distribution company
  • No. 50 Solugen, a producer of sustainable chemicals.
  • No. 56 Quaise Energy, which specializes in terawatt-scale geothermal power.
  • No. 129 Plus Power, a developer, owner and operator of battery storage projects.
  • No. 218 Dream Harvest, which promotes sustainable vertical farming.
  • No. 225 Cemvita, which uses synthetic biology to convert carbon emissions into bio-based chemicals.
  • No. 226 Syzygy Plasmonics, which decarbonizes chemical production.
Vermont-based BETA Technologies claimed the No. 1 spot. The company manufactures electric aircraft.

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