People, Partnership, Performance
Finding and developing a major crude oil and natural gas discovery is a complex process that can take more than 10 years to complete. For example, it can take two to four years to perform technical studies on a new lease, up to two years to conduct front-end engineering and design, and up to three years to construct production facilities. Vast sums of capital also are required: Chevron's capital and exploratory expenditures have exceeded $95 billion since 2002. A rigorous management system is in place to ensure that capital is directed to the most promising prospects and used wisely in their execution. Developing a field also requires the successful application of the most advanced technology available, innovative and experienced people, and partnerships based on mutual trust. Here are the main steps involved from the time an available lease is first evaluated until we commence production.
