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.
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 and natural gas producer in Thailand, the largest oil producer in Indonesia, and a major leaseholder in the U.S. Gulf of Mexico.
In 2011, Chevron produced 2.673 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 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 10-well Phase 2 development program for the Agbami Field offshore Nigeria is expected to offset field decline and sustain a maximum total production rate of 250,000 barrels per day.
Asia
Chevron is exploring for or producing oil throughout Asia, including Azerbaijan, Cambodia, China, Indonesia, Kazakhstan, the Partitioned Zone between Kuwait and Saudi Arabia, 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 2011, 212 production and 58 steam injection and observation wells were drilled in Areas 1 through 12. Startup in Area 13 of the North Duri Development is expected in 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. In 2011, the pilot project continued steam injection, and production had increased 600 percent over the production rate before steamflooding.
South America
In South America, Chevron produces oil in Argentina, Brazil and Venezuela.
Major capital projects include:
Papa Terra, Brazil – Construction is under way on this offshore project, which has a planned total daily capacity of 140,000 barrels of oil.
Carabobo 3 Project, Venezuela – Chevron has a 34 percent interest in Petroindependencia, which is working to commercialize the Carabobo 3 Project. This heavy oil project is in three blocks within the Carabobo Area of the Orinoco Belt. Conceptual engineering for the potential development of the concession is under way.
North America
Chevron's U.S. portfolio encompasses a diversified group of producing assets in California, the Gulf of Mexico, the Appalachian Basin, Colorado, Michigan, New Mexico, Ohio, Oklahoma, Texas and Wyoming. The company was the third-largest hydrocarbon producer in the United States during 2011. Net oil-equivalent production in the United States during 2011 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—began in 2011.
California, United States – Chevron is No. 1 in net daily oil-equivalent production in California, with heavy oil making up about 84 percent of production. The company uses steam to increase oil recovery. Heat management is a major operational focus in the recovery of these reserves, with emphasis on improved energy efficiency.
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 – The project was completed in June 2011, including startup of the expanded Scotford Upgrader, which increased daily production design capacity from oil sands 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, the Clair Ridge project reached a final investment decision in 2011. The design capacity of this second phase of the nonoperated Clair Field development is 120,000 barrels of oil per day, and production is scheduled to begin in 2016.
Updated: April 2012
Cautionary Statement