Chevron Corp. and partner Total SA have made a final investment decision for the deepwater Anchor oil field, pushing what would become the industry’s first development to utilize high-pressure 20,000 psi technologies in the U.S. Gulf of Mexico (GoM) closer to reality.

Initial development of the field, which could hold more than 440 million barrels of recoverable oil-equivalent resources, is estimated to cost $5.7 billion.

Chevron serves as operator, holding a 62.86% interest in the field, with Total holding the rest. The partners are targeting first oil in 2024.

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Offshore