Chevron targets 1 million boe/d Permian production by 2025

Chevron Corp. has targeted Permian basin production of 1 million boe/d by 2025. The company is centering its efforts in New Mexico on the Delaware basin end of the Permian.

“At the end of day, we expect to get more out of the ground than we could in other areas of the Permian,” said New Mexico asset manager Duncan Healey in discussing the area’s high-quality source rock. “[It]’s thick and deep, which means it us under high pressure and can force the oil and gas out easier.”

Where possible, Chevron says, it is using electrical compressors rather than natural gas-fueled ones. The company also claimed reduced carbon intensity in its regional hydraulic fracturing operations.

Company-wide, Chevron plans to execute $2 billion in carbon reduction projects by 2028 (OGJ Online, Apr. 9, 2024).