- Chevron (CVX -0.2%) unveils plans to significantly expand production at its St. Malo field in the deepwater Gulf of Mexico.
- CVX says it will drill new wells and inject water into existing wells to produce more oil and extend the life of the project.
- The company expects the overall St. Malo development to produce more than 500M boe over 30 years, including more than 175M barrels from the waterflood project.
- CVX holds a 50.1% stake in the St. Malo field, while Equinor (NYSE:EQNR) owns 21.5%, Murphy Oil (NYSE:MUR) holds 20% and Petrobras (NYSE:PBR) has 5%.