Chevron has started oil and gas production from a project in the U.S. Gulf of Mexico, the oil major said on Monday, bringing the company a step closer toward its goal of growing production from the ocean basin by 50% this year.

Chevron (NYSE:CVX) said Monday it started oil and natural gas production from the $1.6B Ballymore project in the deepwater U.S. Gulf, in the company's goal to produce 300K net boe/day from the Gulf in 2026.

Chevron Corp. said Monday that oil and natural gas production has begun in the deepwater Gulf of America to help reach the company’s goal to produce 300,000 net barrels per day of oil equivalent from