Chevron to boost US oil output and cut costs with Ballymore project

American energy giant Chevron is moving forward with plans to ramp up oil production and reduce costs. In 2026, the company intends to boost energy output in the Gulf of Mexico by up to 300,000 barrels per day. The $1.6 billion Ballymore project will play a key role in Chevron achieving this goal. The company also intends to cut expenses by refusing to build a separate platform for Ballymore and using one of the existing ones, according to Reuters.

Chevron holds a 60% stake in the project. The remaining 40% is owned by TotalEnergies. The Ballymore field reserves are estimated at approximately 150 million barrels of oil equivalent.

The company currently manages operations on 370 leases in the Gulf of Mexico and is set to increase that number due to the new US President's policies. Earlier, Donald Trump rescinded his predecessor Joe Biden's order prohibiting mining in vast US offshore areas. The Interior Department has already started preparing an auction to lease the new areas.