Chevron is leveraging new technologies to accelerate offshore energy development, significantly reducing timelines and costs. According to Matt Johnson, a field development and portfolio optimization specialist at Chevron, using field development optimization tools is proving to be a game-changer. “With these tools, we can process up to a thousand different potential concepts within hours,” Johnson said.
Initially tested in gas fields off the northwest coast of Australia, this technology generates forecasts detailing a field’s development options and economic potential. It is now aiding Chevron in creating alternative development strategies for Australia’s vast gas resources, which are crucial for sustaining production at the Gorgon and Wheatstone facilities as existing fields decline. The technology identifies opportunities for new wells or improvements to existing ones, maximizing production.
Chevron plans to expand this technology to its U.S. Gulf of Mexico operations. By using advancements in artificial intelligence and automation, the field development optimization software determines a site’s potential and provides a range of development options. This innovation promotes collaboration across teams, enabling faster and better decision-making. “It promotes collaboration across teams so they can make better and faster decisions,” Johnson added.
As global energy demand grows, Chevron’s advancements help develop oil and gas resources more affordably and reliably. This technological leap comes at a time when Chevron is planning to acquire Hess Corporation which could potentially see it tapping Hess’ stake in Guyana’s lucrative Stabroek Block. The implementation of these new technologies could further enhance the efficiency and productivity of these assets.
