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2019-09-19 16:40:45

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%.

seekingalpha.com Sa Editor Carl Surran
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