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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, in the Duvernay Shale in Canada and in Argentina.

Producing Oil in the U.S. Gulf of Mexico

With subsea wells in 7,000 feet (2,134 m) of water, the Blind Faith Platform is one of Chevron's deepest offshore production facilities.

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 more than 50 percent by 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 the largest leaseholder in the U.S. Gulf of Mexico as of the end of 2014.

In 2014, Chevron produced 2.571 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, Mauritania 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. First production from Mafumeira Sul—the second stage of the Mafumeira Field development—is planned for 2016.

Nigeria – The Agbami Field produced an average 134,000 net barrels of crude oil per day in 2014. The next development phase—Agbami 2—is nearing completion, with eight of the 10 planned wells now on line. Drilling on the five-well Agbami 3 began in early 2015.

Asia

Chevron is exploring for or producing oil throughout Asia and the Middle East, including Azerbaijan, 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 – Work continued in 2014 on a significant expansion of the Tengiz Field, based on the Sour Gas Injection and Second Generation Plant 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 2014, production ramp-up of Area 13 of the Duri Field continued, and first steam injection occurred at the steamflood expansion project.

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. 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 work is expected to begin in the third quarter of 2015. Work also continued to expand the pilot project to the deeper Second Eocene carbonate reservoir, with a final investment decision expected in 2016.

South America

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

Major capital projects include:

Papa-Terra, Brazil – Papa-Terra involves a floating production, storage and offloading vessel and a tension leg wellhead platform. Production is expected to ramp up through 2017 at this offshore project, which has a design capacity of 140,000 barrels of oil per day.

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 2014, work continued on plans for commercial development of the field.

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 petroleum liquids producers in the United States. In 2014, net oil-equivalent production in the United States accounted for 26 percent of the companywide total.

U.S. Gulf of Mexico – Chevron is one of the top leaseholders in the deepwater Gulf of Mexico. Key projects include Tahiti, Blind Faith, Big Foot and Jack/St. Malo. Blind Faith and Jack/St. Malo are the company's deepest operated offshore production facilities with water depths of 7,000 feet (2,134 m). Jack/St. Malo began oil production in December 2014. First oil at Big Foot is expected in late 2015.

California, United States – Chevron ranked No. 1 in net daily oil-equivalent production in California in 2014, 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 interests in the Northwest Territories and the Beaufort Sea region of Canada's western Arctic.

Athabasca Oil Sands Expansion Project, Canada – In 2014, average total daily production increased to 243,000 barrels (43,000 net).

Europe

Chevron has interests in offshore producing fields in the United Kingdom, Denmark 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, which has a design capacity of 100,000 barrels of oil per day. The company continues to assess alternatives for the optimum development of the Rosebank Field.

Updated: May 2015

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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2014 Annual Report

2014 Annual Report

The achievements realized last year will enable us to execute our growth plan.

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