Chevron’s Anchor Project – An Industry Leading Deepwater High Pressure Development
Monday, 6 May
Keynote Speaker Series
In 2019, Chevron’s Anchor Project was the industry’s first high-pressure (>15,000 psi) deepwater development to achieve Final Investment Decision (FID). This keynote address will give an overview of the Anchor development project in the deepwater Gulf of Mexico and its delivery of enabling 20K (20,000 psi) technology. To develop the Anchor high-pressure reservoir, Chevron undertook a world class technology development and qualification program to deliver various 20K drilling, completion, intervention, subsea and production technologies. The 20K technology development program required significant investment by the Anchor co-owners with participation by multiple industry leading contractors and suppliers. The new 20K technology was subject to stringent verification and validation, an independent 3rd party (I3P) review and was ultimately approved by the US Bureau of Safety and Environmental Enforcement (BSEE). The development and delivery of the project enabling 20K technology in a timely manner was required to intersect the Anchor project schedule, which introduced significant cost and schedule risk. The integration of this large and complex technology development program, along with the normal challenges of a deepwater development, required a fit-for-purpose execution strategy. This presentation will provide insights into the Anchor project execution strategy and also an overview of how the Anchor Project was planned and executed including subsurface, wells, subsea systems, a floating production unit, and export pipelines. In addition to the challenge of delivering 20K technology, the Anchor Project was executed during the period of the COVID-19 pandemic, a downturn in commodity prices, industry consolidation and severe supply chain constraints. This presentation will address the impacts of these external risk factors and how they were addressed to deliver the Anchor Project.
- American Society of Mechanical Engineers (ASME)