"Chevron pioneered the refining of heavy crude oil. Now we're integrating that expertise into our upstream operations to develop some of the most challenging crudes of all — extra-heavy oil and oil sands. With our refining technology, we can turn even the heaviest oils into gasoline and other high-demand products for our customers."Ashok Krishna General Manager, Technology
Downstream
Unconventional hydrocarbons — extra-heavy oil, oil sands and oil shale — account for the majority of the world's existing hydrocarbon resources. They are lower in value than conventional crude oils because they are difficult and costly to produce and refine. Over the past 50 years, Chevron has built a broad capability in refining heavy oil and converting it, economically and efficiently, into light, high-value products. Now we are integrating our downstream refining technologies into our upstream operations to develop extra-heavy oil and oil sands, and we are working with others to advance technology to unlock the potential of oil shale.
The Power of Geothermal
Chevron is the world's largest private producer of geothermal energy. We are capturing steam produced from subterranean volcanic activity to help meet the growing electricity needs of Indonesia and the Philippines. A renewable energy source, geothermal is clean, reliable and economic.
2006 Milestones
- Approved a net additional $2 billion investment to expand oil sands mining and upgrading facilities for Canada's Athabasca oil sands; acquired new leases in the area
- Established a partnership with the Los Alamos National Laboratory in New Mexico to develop an environmentally responsible and commercially viable process to recover shale oil "in situ," or in place underground