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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 shale and tight oil resources in the Permian Basin in the United States, the Duvernay Shale in Canada and in Argentina.

Producing Oil in the U.S. 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. According to the U.S. Department of Energy, global energy demand is projected to increase 56 percent between 2010 and 2040. 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 2013, Chevron produced nearly 2.6 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, 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 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 – Final investment decisions are expected in 2014 on 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. The Wellhead Pressure Management Project is designed to maintain and extend production from existing assets.

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 2013, 238 production and 78 steam injection and observation wells were drilled in the producing areas of the field. First production for Area 13 of the North Duri Development occurred in the second half of 2013.

Wafra Field Steamflood Project, Partitioned Zone – The Large-Scale Steamflood Pilot Project involves steamflooding in the First Eocene reservoir at the Wafra Field in the Partitioned Zone. In 2013, we confirmed the feasibility of thermal recovery of heavy oil from carbonate reservoirs for the first time. The Wafra Steamflood Stage 1 Project is designed for a capacity of 80,000 barrels of crude oil per day. Front-end engineering and design is expected to begin in 2015. Given the results of the first pilot, a second pilot is planned for the deeper Second Eocene carbonate reservoir, with startup expected by the end of 2014.

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 for this offshore project, which has a design capacity of 140,000 barrels of oil per day, occurred in the fourth quarter of 2013. A second well on the floating, production, storage and offloading vessel is producing. First oil from the Papa-Terra tension leg platform is expected by the end of the third quarter of 2014.

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 2013, 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 the largest petroleum liquids producer in the United States. Net oil-equivalent production in the United States during 2013 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 2013. Jack/St. Malo is expected to produce first oil in late 2014.

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, with an emphasis on improved energy efficiency through new technology and processes.

In Canada, Chevron has interests in the Athabasca Oil Sands Project in Alberta, offshore exploration and development projects 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 2013, average total daily production increased to 236,000 barrels.

Europe

Chevron has interests in offshore producing fields in the United Kingdom, Denmark, the 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 3,700 feet (1,115 m) of water. Chevron operates and holds a 40 percent interest in the project. The company continues to assess alternatives for the optimum development of the Rosebank Field.

Updated: May 2014

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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