oil: providing energy for progress

"For the latest figures, view the 2016 Supplement to the Annual Report (4.7 MB)."

The world has produced more than a trillion barrels of crude oil to date. Over the next 30 years, it is estimated 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

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 its New Policies Scenario, the International Energy Agency projects global energy demand to grow by about a third 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 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, the largest oil producer in Indonesia and the largest leaseholder in the U.S. Gulf of Mexico as of the end of 2015.

In 2015, Chevron produced 2.622 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.


In Africa, the company has exploration interests in Liberia, Mauritania and Morocco and is 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 these:

Angola – A major development program is under way to increase production from the Block 0 concession, offshore Cabinda Province. First production from Mafumeira Sul—the second stage of the Mafumeira Field development—is planned for the second half of 2016.

Nigeria – The Agbami Field produced an average 129,000 net barrels of crude oil per day in 2015. The next development phase—Agbami 2—is expected to be fully on line in the first half of 2016. Agbami 3 began production in the third quarter of 2015.

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 Project, Kazakhstan – Work continued in 2015 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 2015, the steamflood expansion of Area 13 was completed, with all wells in production by the end of the year.

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 resolution of a dispute between Saudi Arabia and Kuwait. In 2015, we continued to advance work on a 3-D seismic survey covering the entire Partitioned Zone—the largest land seismic program ever undertaken.

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 2015, 41 development wells were drilled, and net daily production averaged 29,000 barrels of synthetic crude oil, 2,000 barrels of extra-heavy crude oil and 18 million cubic feet of natural gas.

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 2015, 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, with water depths of 7,000 feet (2,134 m). Jack/St. Malo began oil production in 2014, and we are drilling new wells 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 2015, 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 the largest net acreage leaseholder and one of the largest producers in the Permian Basin. The total potentially recoverable oil-equivalent resources from Chevron’s acreage are estimated at 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 2015 from Canadian operations was 20,000 barrels of crude oil, 14 million cubic feet of natural gas and 47,000 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. We plan to continue front-end engineering and design work in 2016.

Updated: March 2016