Chevron Corporation CVX recently announced a waterflood project, aiming to increase production at its St. Malo field in the Gulf of Mexico. The field is situated nearly 280 miles to the South of New Orleans, LA and has a possible production life of 30 years remaining.With this project, California-based Chevron will substantially ramp up the output and boost recovery. The company will further enhance its strategy to maximize the resource potential in the Gulf of Mexico.Through this project, Chevron — a leading producer in the Gulf of Mexico — is working on its first waterflood development in the deepwater Wilcox trend. During the 30-year span, the St. Malo development is expected to produce in excess of 500 million barrels of oil equivalent (boe) inclusive of above 175 million barrels from this waterflood venture.The fourth phase of the St. Malo development comprises two new production wells, three new injector wells and topsides injection equipment to pump out more oil while helping the company stretch the field’s lifespan.Chevron holds a 50.1 % controlling stake in the St. Malo field while Norway-based Equinor EQNR owns 21.5 %, Murphy Oil MUR 20 % and Brazil's Petrobras has a 5% interest. Further, Exxon Mobil XOM and Italy's Eni hold 1.25 % each.Chevron is one of the largest publicly traded oil and gas companies in the world, based on proved reserves. It is engaged in oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.Chevron Corporation Price Chevron Corporation price | Chevron Corporation QuoteJust Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.6% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exxon Mobil Corporation (XOM): Free Stock Analysis Report Chevron Corporation (CVX): Free Stock Analysis Report Murphy Oil Corporation (MUR): Free Stock Analysis Report Statoil ASA (EQNR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research