Strategy
- Grow profitably in core areas and build new legacy positions.
Summary
Upstream explores for and produces crude oil and natural gas. At the end of 2008,
worldwide net proved crude oil and natural gas reserves for consolidated operations were
7.9 billion barrels of oil-equivalent and for affiliated operations were 3.3 billion barrels. Net
oil-equivalent production averaged 2.53 million barrels per day, including volumes produced
from oil sands in Canada. Major producing areas include Angola, Australia, Azerbaijan,
Bangladesh, Denmark, Indonesia, Kazakhstan, Nigeria, the Partitioned Neutral Zone
between Kuwait and Saudi Arabia, Thailand, the United Kingdom, the United States, and
Venezuela. Major exploration areas include offshore areas in western Africa, northwestern
Australia, Brazil and Canada, and in the Gulf of Thailand, the U.K. Atlantic Margin and the
U.S. Gulf of Mexico.
Gas Strategy
- Commercialize our equity gas resource base while growing a high-impact global gas business.
Summary
Chevron is involved in every aspect of natural gas activities — production, liquefaction, shipping,
regasification, pipelines, marketing and trading, power generation, and gas-to-liquids
technology. We hold the largest natural gas resource position in Australia, including our
17 percent participation in the North West Shelf Venture, and have significant holdings in
western Africa, Bangladesh, Indonesia, Kazakhstan, North America, South America, Thailand
and the United Kingdom.