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For the latest figures, view the 2014 Supplement to the Annual Report (5.9 MB).

Chevron explores for and produces crude oil and natural gas around the world. In 2013, our worldwide net oil-equivalent production averaged nearly 2.6 million barrels per day, with about 25 percent of the production coming from the United States and the rest from more than 20 other countries.

Continued development of our existing production facilities is critical to maintaining the company’s oil and natural gas production. By focusing on operational processes, we have reduced the annual rate of production decline in our existing operations to less than 3 percent for 2013. The effective use of our own technology has helped improve long-term field performance.

Production growth is dependent on bringing resources and proved reserves into production through major capital projects. Chevron has an extensive lineup of major capital projects under way, from conventional oil and natural gas to deepwater, liquefied natural gas (LNG) and heavy oil developments.

Exploration also is key to future growth. The company’s focus areas for exploration in 2013 were the deepwater regions of West Africa, the U.S. Gulf of Mexico, offshore northwest Australia, and in shale and tight formations in North America. Drilling and seismic activities were ongoing or being planned in promising fields in Argentina, Canada, China, central Europe, Indonesia, the Kurdistan region of Iraq, Liberia, Norway, Thailand and offshore the United Kingdom

Chevron is developing natural gas from shale formations in Pennsylvania, Ohio and Michigan in the United States as well as in newly acquired positions in a variety of locations worldwide. Areas of particular focus are the liquids-rich shale formations in the Permian Basin in the United States, the Vaca Muerta Shale in Argentina and the Duvernay Shale in Canada. We continue to evaluate and explore these resources in other areas, including Australia, China, Eastern Europe and South Africa.

Partnering for Growth in the Caspian

Chevron is the largest private producer of oil in Kazakhstan, and we’re involved in two of the country’s largest projects, Tengiz and Karachaganak. Since 1993, Chevron has led the Tengizchevroil (TCO) joint venture in the development of the giant Tengiz and adjacent Korolev fields. In 2014, final investment decisions are expected on the Future Growth Project and the Wellhead Pressure Management Project. Chevron also holds a stake in Karachaganak Field, Kazakhstan’s second-largest producing petroleum reserve.

In Azerbaijan, Chevron has an interest in the Azerbaijan International Operating Company, which produces and develops offshore oil reserves in the Caspian Sea from the Azeri-Chirag-Gunashli (ACG) project. The ACG’s Chirag Oil Project began production in January 2014.

Investing in the Asia-Pacific Region

As the largest resource holder and producer among international oil companies in the Asia-Pacific region, Chevron is investing in a portfolio of resources to meet growing energy demand there.

In Australia, the company is leading the development of the Gorgon and Wheatstone LNG and domestic gas projects. Gorgon is Australia’s largest single-resource project and has an expected economic life of more than 40 years after startup of the first processing unit, which is scheduled for 2015. Construction continues on the Wheatstone Project, with startup of the first processing unit expected in 2016. Chevron is a founding partner in the North West Shelf Venture, which supplies natural gas for Western Australia and LNG for customers in the Asia-Pacific region. We also have operated the country’s largest oil field, on Barrow Island, for 50 years. Chevron continues to make significant investments in exploration offshore northwest Australia and has announced a number of gas discoveries in recent years.

In Thailand, Chevron is the leading natural gas and oil producer. We operate more than 250 platforms in the Gulf of Thailand, and we supply Thailand with approximately one-third of the country’s gas demand. Front-end engineering and design work began at the Ubon Project in 2013.

Elsewhere in the region, Chevron is the top oil producer in Indonesia, where we operate one of the world’s largest steamflood developments, at the Duri Field on Sumatra. In China, we operate the $6.4 billion Chuandongbei natural gas development. Completion of the assembly phase of construction at Chuandongbei’s first processing unit is expected before the end of 2014. And in Bangladesh, we supply nearly half of the country’s natural gas consumption.

Growing With Africa and Latin America

We are applying our expertise and advanced technology to meet the energy needs of growing African and Latin American economies. Our operations include oil and natural gas, LNG, gas-to-liquids, and deepwater and heavy oil exploration and production.

Chevron ranks among the top petroleum producers in Angola. We invest in major energy projects intended to dramatically increase oil production and conserve natural gas for use in Angola. We are working with our partners on a major development program to significantly increase production from the Block 0 concession, offshore Cabinda Province. Construction on the second stage of the Mafumeira Field development continues through 2014. In 2013, the Angola LNG project produced its first shipment of LNG.

Chevron is the third-largest oil producer in Nigeria and one of the largest investors in the country. We have extensive interests in deepwater Nigeria, including the Agbami Field, one of Nigeria’s largest deepwater discoveries. Front-end engineering and design work for the Agbami 3 project began in early 2014 as the Usan project continued to ramp up production. The Escravos gas-to-liquids facility is expected to begin production in the first half of 2014.

In Latin America, Chevron has operations or interests in six countries. In Brazil, first production at Papa-Terra was announced in 2013.

Chevron participates in onshore and offshore production projects in Venezuela. The onshore Petropiar project upgrades extra-heavy crude oil to lighter, higher-value synthetic crude oil. In Colombia, Chevron produces enough natural gas to meet about half of the nation’s demand.

Maximizing Mature Resources and Creating New Opportunities

Chevron uses the latest technology to maintain strong production in mature fields while discovering and developing new resources. We are one of the largest producers of crude oil and natural gas in the United States, with major producing operations in California, the Gulf of Mexico, the Appalachian Basin, Texas, New Mexico and the Rocky Mountains. And we continue to pursue opportunities in unconventional oil and gas resources with an ongoing focus on developing tight oil and liquids-rich shale and dry gas production and bringing those resources to production in a safe and efficient manner. Dry gas is natural gas free of liquid hydrocarbons.

We are a major producer of crude oil and natural gas on the Gulf of Mexico shelf and in the deepwater Gulf of Mexico. Our projects include the Blind Faith and Tahiti deepwater developments. The ongoing $7.5 billion Jack/St. Malo project and $5.1 billion Big Foot project are expected to begin production in late 2014 and in 2015, respectively. In 2013, Chevron announced a deepwater discovery at the Coronado prospect in Walker Ridge.

In 2013, Chevron again ranked No. 1 in net oil-equivalent production in California, primarily from the San Joaquin Valley. Our extensive thermal recovery operations have revolutionized the production of heavy oil from these century-old central California fields. We also are one of the largest hydrocarbon producers in the Permian Basin of West Texas.

In Canada, most of our crude oil production comes from the Hibernia Field offshore Newfoundland and Labrador, and we are a partner in the Athabasca Oil Sands Expansion Project, which produces bitumen—hydrocarbons mixed with asphalts and tars—from oil sands. We also are evaluating and developing a range of unconventional resource options, such as shale gas development in western Canada. In 2013, we acquired additional acreage in the Duvernay Shale in Alberta and have had exploration success. We continue to pursue development opportunities offshore eastern Canada and have interests in Canada’s western Arctic. The Chevron Arctic Center in Calgary, Alberta, is home base for experts on safe and environmentally sound exploration and resource development in the challenging Arctic environment.

Chevron is the only large international energy company with a continuous upstream presence in the Kingdom of Saudi Arabia. Our partnership spans more than 70 years. On behalf of the kingdom, we conduct exploration and production activities in the Partitioned Zone between Saudi Arabia and Kuwait. In 2013, at our Large-Scale Steamflood Pilot Project at the Wafra Field, we successfully recovered heavy oil using a conventional continuous steam injection concept.

In Europe, Chevron has a variety of producing operations and exploration interests in the western region of the Shetland Basin, the Norwegian Barents Sea and the U.K. North Sea. Chevron operations in the North Sea have a track record of technological innovation. The Captain Field was one of the first North Sea fields to employ horizontal drilling.

Updated: March 2015

Cautionary Statement

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