Chevron Corp. on Dec. 12 said it reached a final investment decision to sanction the development of its Anchor project in the U.S. Gulf of Mexico.

Chevron said it will need an investment of roughly $5.7 billion for the initial development of the Anchor project, which includes a seven-well subsea and a semisubmersible floating production unit, according to a news release. The corporation expects to produce its first oil in 2024.

"This decision reinforces Chevron's commitment to the deepwater asset class," Chevron Executive Vice President for Upstream Jay Johnson said in the release. "We expect to continue creating value for shareholders by delivering stand-alone development projects and sub-sea tie backs at a competitive cost."

In addition, the facility will have a capacity of 75,000 barrels of crude oil per day and 28 million cubic feet of natural gas per day. Chevron also expects the total potentially recoverable oil-equivalent resources for the project to be over 440 million barrels.

Chevron, through its unit Chevron USA Inc., will serve as the operator and will hold a 62.86% working interest in the project, which will be constructed at the Anchor Field in the Green Canyon area, about 140 miles off the coast of Louisiana. Total E&P USA Inc will hold the remaining 37.14% working interest.