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For the latest figures, view the 2013 Supplement to the Annual Report (4.7 MB).

The world has produced about 1 trillion barrels of crude oil to date. Over the next century or so, approximately 2 trillion barrels more are expected to be produced from conventional proved reserves and undiscovered conventional oil. Additional supplies will be produced by Chevron and others from unconventional oil resources, such as extra-heavy oil in Venezuela, oil sands in Alberta and shale oil in the United States.

Producing Oil in the Gulf of Mexico

With subsea wells in 7,000 feet (2,130 m) of water, the Blind Faith Platform is Chevron's deepest offshore production facility.

Oil has powered the world in the form of transportation fuels for more than a century, and demand is expected to grow over the long term. Global energy demand is projected to increase 53 percent between 2008 and 2035. And oil, natural gas and coal are expected to meet most of that demand.

What Chevron Is Doing

For more than 130 years, Chevron has developed some of the world's most complex crude oil fields. We have a strong position in nearly all of the world's key basins, and our extensive project portfolio provides the foundation for future growth.

We are the largest private producer of oil in Kazakhstan, the top oil producer in Thailand, the largest oil producer in Indonesia, and a major leaseholder in the U.S. Gulf of Mexico.

In 2012, Chevron produced 2.61 million net oil-equivalent barrels per day from operations around the world.

Developing Energy Sources Around the Globe

We have numerous major capital projects under way to bring significant new resources to global markets. Our technological capabilities play a pivotal role in making these projects successful and in producing more oil from mature fields.

Africa

In Africa, the company is exploring for oil in Liberia, Sierra Leone and Morocco and producing and exploring for oil in Angola, Chad, Democratic Republic of the Congo, Nigeria and Republic of the Congo. Chevron is involved in several projects in different stages of development, including:

Angola – A major development program is under way to significantly increase production from the Block 0 concession, offshore Cabinda. This includes Mafumeira Sul, the second stage of the Mafumeira Field development.

Nigeria – The Aparo Field and the third-party-owned Bonga SW Field share a common geologic structure and are planned for joint development. The geologic structure lies 70 miles (113 km) off the coast in 4,300 feet (1,311 m) of water. The proposed development plan involves subsea wells tied back to a floating production, storage and offloading vessel.

Asia

Chevron is exploring for or producing oil throughout Asia, including Azerbaijan, Cambodia, China, Indonesia, Kazakhstan, the Partitioned Zone between Kuwait and Saudi Arabia, the Kurdistan Region of Iraq, and Thailand. Major projects include:

Tengizchevroil Future Growth Project, Kazakhstan – Options are being evaluated for a significant expansion of the Tengiz Field, based on the Sour Gas Injection and Second Generation Plant project that came on line in 2008. The Future Growth Project is expected to increase total daily crude oil production by 250,000 to 300,000 barrels.

Duri Field Expansion, Indonesia – Already one of the world's largest steamflood developments, the Duri Field continues to expand as projects are implemented to sustain production and increase oil recovery. In 2012, 186 production and 56 steam injection and observation wells were drilled in the producing areas of the field. Startup in Area 13 of the North Duri Development is expected in late 2013.

Wafra Field Steamflood Project, Partitioned Zone – In 2009, the first steam injection began at the Large-Scale Pilot Steamflood Project for the First Eocene reservoir at the Wafra Field in the Partitioned Zone. The project is evaluating the feasibility of thermal recovery of heavy oil from carbonate reservoirs. Expansion of the pilot to the Second Eocene carbonate reservoir is expected to begin front-end engineering and design work by late 2013.

South America

Throughout South America, Chevron is exploring for and producing oil in countries such as Suriname, Argentina, Brazil and Venezuela.

Major capital projects include:

Papa Terra, Brazil – First production is expected in 2013 on this offshore project, which has a planned total daily capacity of 140,000 barrels of oil.

Plataforma Deltana, Venezuela – Chevron operates and has a 60 percent interest in Block 2 and a 100 percent interest in Block 3 in the offshore Plataforma Deltana region. The Loran Field in Block 2 and the Manatee Field in Trinidad and Tobago form a single, cross-border field that lies along the maritime border of Venezuela and Trinidad and Tobago. In 2012, work continued on maturing commercial development concepts.

North America

Chevron's U.S. portfolio encompasses a diversified group of producing assets in California, the Gulf of Mexico, Colorado, Michigan, New Mexico, Pennsylvania, Ohio, Oklahoma, Texas, West Virginia and Wyoming. Chevron is one of the largest hydrocarbon producers in the United States. Net oil-equivalent production in the United States during 2012 represented approximately one-fourth of the companywide total.

U.S. Gulf of Mexico – Chevron is one of the top leaseholders in the deepwater Gulf of Mexico. Key producing assets include Tahiti and Blind Faith, the company's deepest operated offshore production facility. Development drilling for two major capital projects—Jack/St. Malo and Big Foot—continued in 2012.

California, United States – Chevron is No. 1 in net daily oil-equivalent production in California, with heavy oil making up about 86 percent of production. The company uses steam to increase oil recovery. Heat management is a major operational focus in the recovery of these reserves.

In Canada, Chevron has interests in the Athabasca oil sands projects in Alberta, exploration and development projects offshore in the Atlantic region, and exploration and discovered resource interests in the Northwest Territories and Beaufort Sea region of Canada's western Arctic.

Athabasca Oil Sands Expansion Project, Canada – In 2012, this project continued to ramp up, increasing daily production design capacity to approximately 255,000 barrels.

Europe

Chevron has interests in offshore producing fields in the United Kingdom, Denmark, the Netherlands and Norway. The company's operations in the North Sea have a track record of technological innovation, including horizontal drilling at the Captain Field, one of the first North Sea fields to use this technology.

In the United Kingdom, northwest of the Shetland Islands, the Rosebank Field is in 3,658 feet (1,115 m) of water. Chevron operates and holds a 40 percent interest in the Rosebank project, which began front-end engineering and design in July 2012. A final investment decision is planned for 2014. Maximum total daily production is expected to reach 64,000 barrels of liquids and 42 million cubic feet of natural gas.

Updated: April 2013

Cautionary Statement

Exploration and Production

Chevron's energy portfolio includes key operations in some of the world's most important oil and natural gas regions.

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2013 Annual Report

2013 Annual Report

Last year we continued to deliver strong business results.

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