Chevron Corp. /zigman2/quotes/205871374/composite CVX -0.99% said Thursday it has sanctioned the Anchor project in the deepwater U.S. Gulf of Mexico, marking the industry's first deepwater high-pressure development to achieve a final investment decision. The Anchor Field is located in the Green Canyon area about 140 miles off the coast of Louisiana, the company said in a statement. The initial investment required is about $5.7 billion, consisting of a seven-well subsea development and semi-submersible floating production unit. The project is expected to produce its first oil in 2024. The facility planned is expected to have capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas a day. Chevron said Tuesday it expects after-tax charges between $10 billion and $11 billion in its fourth-quarter results, more than half related to natural-gas bets in Appalachia. The company held its 2020 capital spending plan at $20 billion for the third year, highlighting its "world-class" oil holdings in West Texas's Permian Basin, deepwater Gulf of Mexico, and in Kazakhstan. Shares were up 0.2% in premarket trade Thursday, and have gained 7% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has gained 25%.