Occidental, Chevron Partner on Deepest Gulf of Mexico Well

Occidental Petroleum and Chevron are partnering to drill what is expected to be the deepest well to date in the Gulf of Mexico. The well, located in the Constitution Field, is part of a project highlighted by Westwood Global Energy Group as one of the most promising new extraction sites for 2H25.

The well's planned depth will exceed 40,000ft, surpassing the current record held by the Ardennes well. The Ardennes well was drilled in 2013 by Cobalt International Energy.

According to Jamie Collard, an exploration research manager at Westwood, previous drilling efforts in the Green Canyon exploration area have had a historical success rate of about 20%. The new well will be drilled in rocks from the Pliocene era. A successful well in this field could yield an estimated 230MMboe. In comparison, the average output of a well in Texas' Permian Basin from 2019 to 2022 was between 850Mb/d and 1MMb/d.