Strategy: Grow profitably by using our competitive advantages to maximize value from existing assets and capture new opportunities.
We are well positioned for profitable growth. We have a very large resource base, a world-class inventory of major capital projects, leading technologies and a workforce that delivers the right results the right way.
Over the next five years, we expect to start up 50 major capital projects, each representing a Chevron investment of more than $250 million and 16 exceeding $1 billion. At the same time, we will reach final investment decisions on other projects of equal financial magnitude. We also have a large queue of small capital projects that will enhance the performance of our existing operations.
Upstream Growth
In Upstream and Gas, we are on schedule to achieve our production goal of 3.3 million barrels of oil-equivalent per day by 2017. Over the period, we expect to bring a number of major discoveries in the U.S. Gulf of Mexico into production as well as begin deliveries from our giant Gorgon and Wheatstone liquefied natural gas (LNG) developments offshore Western Australia. Additionally, we have major developments under way in Angola, Bangladesh, China and Nigeria that are expected to contribute to production growth.
Looking beyond 2017, we expect our pipeline of projects to enable us to sustain industry-leading performance. We currently are evaluating expansion plans for many of our assets, including Gorgon, Wheatstone, the Tengiz Field in Kazakhstan and the Wafra Field steamflood project in the Partitioned Zone between Kuwait and Saudi Arabia. We also see growth opportunities in Canada, where we made acquisitions in early 2013 that are expected to further strengthen our natural gas and LNG positions.
Our exploration record also is expected to position us for long-term growth. Over the past 10 years, we discovered on average more than 1 billion barrels of oil-equivalent resources per year. In 2012, we were the successful bidder on 43 blocks in the deepwater U.S. Gulf of Mexico, one of the most promising exploration areas in the world. We also expanded our exploration reach in central Europe and parts of South America and western Africa, including entry into Sierra Leone and Suriname. And we captured an early entry opportunity in the promising Kurdistan Region of Iraq.
We also expect to grow from our shale gas holdings. We have strong positions in the United States in the Marcellus Shale in Pennsylvania and in the Permian Basin in New Mexico and Texas as well as exploration areas in Argentina, Canada, China, Lithuania, Poland and Romania.
Downstream Growth
In Downstream and Chemicals, our refining operations are well positioned in North America and the fast-growing Asia-Pacific region. A new lubricants plant under construction at our Pascagoula, Mississippi, refinery is expected to position the company as the worldwide industry leader in premium base oil production. Premium base oil is used in more advanced lubricant formulations by newer vehicles. The project is scheduled for mechanical completion by year-end 2013. Our Oronite additives business began construction on a major expansion project at a facility in Singapore that is expected to boost its competitive position in the Asia-Pacific region. Our joint-venture Chevron Phillips Chemical Company has undertaken a number of projects that are expected to secure its position as the world's largest producer of high-density polyethylene and is quickly expanding its efforts to grow its position in other high-value petrochemicals.
To learn more about our growth opportunities, go to our Upstream and Gas and Downstream and Chemicals discussions. For a look at how we are using technology to grow our business, go to our discussion on Technology.
Posted: April 2013