Chevron subsidiary Union Oil Co., Hess Corp., Statoil and Nexen on Tuesday announced they would move forward with the $6 billion Stampede deepwater Gulf of Mexico project. The Stampede field is located about 115 miles south of Fourchon, La., in approximately 3,500 feet of water, with a reservoir depth of 30,000 feet. Gross topsides processing capacity is approximately 80,000 barrels per day of oil and 100,000 barrels per day of water injection capacity. The Stampede field has estimated recoverable resources of more than 300 million barrels of oil.
The firms said drilling would begin in the fourth quarter of 2015 and first production was expected in 2018.
Each of the aforementioned companies owns a 25% interest in the project. Hess is the operator.
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