ChevronTexaco views CO2 capture and storage, or sequestration in geologic formations, as a vital technology to ensure a safe, reliable supply of energy to meet the world's needs. Being a leader in CO2 sequestration is an essential element of ChevronTexaco's medium- to long-term GHG emissions management strategy. This focus on CO2 sequestration reflects our pragmatic, action-oriented approach to advancing energy technologies. It emphasizes finding new ways to produce cleaner, lower-carbon energy from fossil fuels today, while at the same time developing renewable energy and infrastructure technology necessary for an emerging hydrogen economy in the long term.

We participated in several major ongoing CO2 sequestration initiatives during 2003 with the aim of building our own knowledge and advancing the technology associated with this practice. In these initiatives, ChevronTexaco contributes significant funds, people and other resources to advance the state of the art of this promising technology, which we believe will be a key component of a smooth transition to a low-carbon future.

In 2003, ChevronTexaco continued to demonstrate the effectiveness of CO2 injection technologies at our ongoing enhanced oil recovery project in Rangely, Colorado. We have been injecting CO2 at this site since 1986, with an estimate of more than 19 million metric tons of CO2 equivalents safely stored underground.

The ChevronTexaco-operated Gorgon Project also continued to move forward during the year. In this gas development project offshore Western Australia, ChevronTexaco and the project's partners are committed to a comprehensive greenhouse gas management strategy that could include the reinjection of 2 million to 3 million metric tons of CO2 per year, subject to technical feasibility studies that are now ongoing.

We also continued to actively participate in the following CO2 sequestration initiatives:

• the Global CO2 Capture Project, a joint industry-government initiative supported by the U.S. Department of Energy, the European Commission, the Norwegian government and eight member companies. Together, supporters of the project have contributed US$24 million in financial support and an additional US$26 million of in-kind support. The project has identified technologies that can reduce the cost of capturing CO2 for sequestration by over 50 percent compared with existing technologies. The project also works to identify methods for ensuring storage integrity and addressing regulatory and public policy issues related to sequestration technology.
• the Carbon Sequestration Leadership Forum, a multigovernmental forum consisting of 17 national governments or intergovernmental bodies such as the European Commission with an agreed vision of developing and deploying CO2 capture and storage technology. ChevronTexaco staff provide expert input into the policy development aspects crucial to facilitating the necessary monitoring, verification and public acceptance of the deployment of CO2 capture and geologic storage technology.
• the Intergovernmental Panel on Climate Change Special Report on CO2 Capture and Storage. ChevronTexaco staff appointed a review editor in this scientific review process to determine the latest status of numerous aspects of this technology development, further formulating a policy-relevant basis for decision-makers to review, approve and deploy widely this type of technology.
• the Cooperative Research Centre for Greenhouse Gas Technologies in Australia. This joint industry-government effort researches the logistic, technical, financial and environmental issues associated with the development of CO2 capture technology and with storing industrial carbon dioxide emissions in deep geologic formations.
• the GEOSEQ project, a joint venture between three U.S. national laboratories and the Weyburn CO2 Project, an International Energy Agency, U.S. and Canadian government-industry initiative.

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