Chevron intends to increase production on the New Mexico side of the Permian Basin, which is among the most productive oil and gas regions in the United States.

“Healey, the company’s asset manager for New Mexico, stated, ‘We perceive significant potential in this area. Multiple factors have made it a prime location.’”

Chevron has declared its aim to produce one million barrels of oil equivalent per day (mboe/d) in the Permian Basin by 2025, concentrating on the most productive zones to achieve this objective.

It is noteworthy that the New Mexico region has geological advantages in its rock formation, which is abundant in organic material capable of generating oil and gas under pressure over time. The area’s undeveloped state implies that there is no worry about depletion of oil or gas from existing wells, thus providing greater extraction potential.

As one of the major producers of oil and natural gas in the Permian Basin, Chevron acknowledges the crucial role that New Mexico plays in ensuring US energy independence.

Aligning its development strategy with the state’s regulatory focus on safety and environmental sustainability, Chevron uses electrical compressors rather than natural gas-fueled compressors to power its operations. It has also reduced the intensity of carbon emissions associated with its hydraulic fracturing equipment.

Article source: egyptoil-gas.com