Chevron has one of the strongest lineups of major crude oil and natural gas projects in the industry and a reputation for being able to develop even the most challenging and complex reservoirs. In 2009, we boosted net oil-equivalent production by 7 percent over the previous year, primarily by advancing our major capital projects and by improving the reliability and operational excellence of our base business.
In 2009, our major capital projects delivered approximately 460,000 additional barrels per day of net oil-equivalent production. This was achieved by ramping up production from 2008 projects, as well as from the startup of a number of new developments in 2009. During the year, we reached the peak production rate for the Agbami project, Nigeria’s largest deepwater discovery; for the giant Tengiz Field expansion project in Kazakhstan; and for the Blind Faith project in the deepwater U.S. Gulf of Mexico – all brought into initial production in 2008. The peak production rate also was achieved – ahead of schedule – for the Tahiti Field, a major new development that started up in 2009 in the deepwater U.S. Gulf of Mexico. Other new developments that came onstream in 2009 were the Frade Field, offshore Brazil, and the Tombua-Landana and Mafumeira Norte projects, offshore Angola.
Significant progress also was made on projects currently under construction. We are partnering with the Nigerian National Petroleum Corporation to build a gas-to-liquids plant to convert 325 million cubic feet of natural gas per day into 33,000 barrels of liquids – principally synthetic diesel. When completed in 2012, the plant is expected to supply diesel fuel for cars and trucks in Europe and elsewhere. A liquefied natural gas plant in Angola also is expected to start up in 2012, providing commercial opportunities to develop the country’s large natural gas resources. Two other large natural gas developments are under way at the Chuandongbei project in central China and the Platong II project in the Gulf of Thailand.
Between 2009 and 2012, we expect to reach the final investment decision on 16 projects, each of which will represent an investment of more than $1 billion for our company.
Posted: April 2010