Chevron and MIT Announce Energy Research Program
Research Program to Focus on Ultra-Deepwater Development
SAN RAMON, Calif., November 20, 2007 - Chevron Corporation (NYSE:CVX) and Massachusetts Institute of Technology (MIT) today announced an energy research program to develop remote, ultra-deepwater exploration and production technology.
The $5 million Chevron Remote and Ultra-Deepwater Research Program will focus on developing the technologies required to access hydrocarbons in water depths up to and greater than 3,000 meters in a safe, cost effective and environmentally friendly manner.
The program includes the sponsorship of two named fellowships -- the Chevron Energy Fellows – and makes Chevron a Sustaining Member of the MIT Energy Initiative (MITEI), which was created to address global energy issues. The five year program will also support MITEI's energy research seed fund to promote the development of a broad range of novel, innovative energy technologies and concepts across the Institute.
Professor Ernest Moniz, director, MITEI, said: "The need for affordable, sustainable energy is one of the greatest challenges of the 21st century. Conventional oil and gas supplies will play a critical role in meeting global energy demand for at least the next several decades, and advanced technologies are essential for producing these essential resources in environmentally sensitive ways."
"Developing remote, ultra-deepwater reserves is one of the greatest challenges the industry faces as we seek to meet the world's growing demand for energy," said Don Paul, vice president and chief technology officer, Chevron Corporation. "Chevron is drilling at depths once thought impossible, and partnerships such as these are critical if we are to keep pushing the boundaries of possibility. We look forward to working with MITEI both in the research effort and in developing engineering talent to deploy and operate the new technologies."
Chevron Corporation is one of the world's leading integrated energy companies. We have approximately 58,000 employees, and our subsidiaries conduct business in more than 180 countries. We operate across the entire energy spectrum — producing and transporting crude oil and natural gas; refining, marketing and distributing fuels and other energy products and services; manufacturing and selling petrochemical products; generating power; and developing and commercializing the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Updated: November 2007