"Advances in technology are enabling us to see more clearly beneath the earth's surface, to drill deeper than ever before, and, in the process, to discover significant new volumes of crude oil and natural gas. Innovative technology and human ingenuity will continue to expand the boundaries of exploration."Bobby Ryan Vice President of Global Exploration
Upstream
As one of the world's leading integrated energy companies, Chevron holds crude oil and natural gas assets in the key energy basins of the world. We maximize the value of our assets and keep our operations safe by applying technology in efficient, cost-effective and innovative ways. In 2006, we invested almost $13 billion in our exploration and production operations. Global production in 2006 reached 2.67 net million barrels of oil-equivalent per day, an increase of approximately 6 percent from the previous year. The development of our queue of major capital projects is on track to grow production through the end of the decade.
World-Class Reservoir Management
Chevron is a recognized leader in reservoir management, a process that helps us maximize recovery from our crude oil and natural gas assets. Our steamflood technology has long been used to enhance production from older fields in California and Indonesia and is now being tested in the Partitioned Neutral Zone (right) between Kuwait and Saudi Arabia.
2006 Milestones
- Achieved fifth successful year of exploration results and added more than 1 billion barrels of resources
- Acquired exploration acreage in Canada, offshore Norway and Western Australia, and in the deepwater U.S. Gulf of Mexico
- Moved forward with the Tahiti development in the U.S. Gulf of Mexico and Agbami offshore Nigeria; first oil expected from both projects in 2008
- Realized first production from projects in Angola, Azerbaijan, Trinidad and Tobago, and the U.K. North Sea