oil: providing energy for progress

For the latest figures, view the 2017 Supplement to the Annual Report.

The world has produced more than a trillion barrels of crude oil to date. Over the next 30 years, it is estimated that the world will need a trillion more. With this expected demand, oil supply will be needed both from conventional resources and from more complex, technically challenging unconventional resources.

producing oil in the U.S. gulf of mexico

producing oil in the U.S. gulf of mexico

A global team, technology advancements, superior planning and excellent project execution came together to make Jack/St. Malo happen in the deepwater Gulf of Mexico.

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 its New Policies Scenario, the International Energy Agency projects global energy demand to grow by about one-third by 2040. And oil, natural gas and coal are expected to meet most of that demand.

what chevron is doing

For more than 135 years, Chevron has been developing 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, one of the largest oil producer in Indonesia and the largest leaseholder in the U.S. Gulf of Mexico as of the end of 2016.

In 2016, Chevron produced 2.594 million net oil-equivalent barrels per day from operations around the world.

developing energy sources
around the globe

We have numerous major capital projects underway 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.


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

Angola – The Mafumeira Sul Project is part of a continued effort to increase production from the Block 0 concession, offshore Cabinda province. The main production facility for Mafumeira Sul – the second stage of the Mafumeira Field development – was brought on line in February 2017, and ramp-up to full production is expected to continue through 2018. The facility has a design capacity of 150,000 barrels of liquids per day.

Nigeria – The Agbami Field produced an average 120,000 net barrels of crude oil per day in 2016. The final 15 wells of the next development phases – Agbami 2 and Agbami 3 – are expected to come on line in the second half of 2017.

asia and the middle east

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 and Wellhead Pressure Management Project, Kazakhstan – Work continues 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 and Wellhead Pressure Management Project is expected to increase total daily crude oil production by 260,000 barrels. The 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, such as the infill drilling and workover programs we continued in 2016.

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 100,000 barrels of crude oil per day. The project has been deferred pending dispute resolution between Saudi Arabia and Kuwait. In 2016, we completed a 3-D seismic survey covering the entire onshore Partitioned Zone – one of the largest land seismic programs ever undertaken, covering 1.1 million acres (4,600 sq km).

south america

Chevron is producing oil in Argentina, Brazil, and Venezuela.

Major projects include these:

Papa-Terra, Brazil – Papa-Terra involves a floating production, storage and offloading vessel and a tension-leg wellhead platform. Production began in early 2015 at this deepwater project, which has a design capacity of 140,000 barrels of oil per day.

Petropiar, Venezuela – Chevron has a 30 percent interest in Petropiar, which operates the onshore Hamaca oil production and upgrading project in the Orinoco Belt, where extra-heavy crude oil is processed and upgraded into lighter, higher-value synthetic oil. In 2016, 67 development wells were drilled, and net daily production averaged 28,000 barrels of synthetic crude oil and 2,000 barrels of extra-heavy crude oil.

north america

Chevron’s U.S. portfolio encompasses a diversified group of oil-producing assets in the midcontinent region, California and the Gulf of Mexico. Chevron is one of the largest petroleum liquids producers in the United States. In 2016, net oil-equivalent production in the United States accounted for 27 percent of the companywide total.

U.S. Gulf of Mexico – Chevron is one of the top leaseholders in the deepwater U.S. Gulf of Mexico. Key producing fields include Tahiti, Blind Faith and Jack/St. Malo. Blind Faith and Jack/St. Malo are the company’s deepest operated offshore production facilities, at water depths of 7,000 feet (2,134 m). Projects are underway at Jack/St. Malo and Tahiti to expand production. First oil at Big Foot is expected in 2018.

California, United States – Chevron ranked No. 1 in net daily oil-equivalent production in California in 2016, with heavy oil making up a significant part of production. The company uses steam to increase oil recovery. Our industry-leading expertise in steamflood operations has resulted in more than a 60 percent crude oil recovery rate at the Kern River Field.

Permian Basin of West Texas and southeast New Mexico – Chevron is one of the largest net acreage leaseholders and producers in the Permian Basin. The total potentially recoverable oil-equivalent resources from Chevron’s acreage are estimated to exceed 9 billion barrels.

In Canada, Chevron has interests in the Athabasca Oil Sands Project in Alberta and in offshore exploration and development projects in the Atlantic region, and we have exploration and resource interests in the Beaufort Sea region of the Northwest Territories. Net daily production in 2016 from Canadian operations was 33,000 barrels of crude oil and 50,000 barrels of synthetic oil from oil sands.


Chevron has interests in offshore producing fields in the United Kingdom and Denmark. 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. Front-end engineering and design work continued in 2016.

In May 2016, the company acquired a 20 percent nonoperated working interest in exploration Block PL 859, located in the Barents Sea off Norway’s northern coast. The block covers approximately 168,000 net acres (680 sq km). Evaluation of the acreage is ongoing.

Published: May 2017