oil: providing energy for progress
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
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 more than a quarter by 2040. And oil, natural gas and coal are expected to meet most of that demand.
what chevron is doing
For nearly 140 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 producers in Indonesia and the second-largest leaseholder in the U.S. Gulf of Mexico as of the end of 2017.
In 2017, Chevron produced 2.728 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, Nigeria and the 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 is expected to continue ramp-up through 2018.
Nigeria – The Agbami Field produced an average 119,000 net barrels of crude oil per day in 2017. The first two phases of infill drilling, Agbami 2 and Agbami 3, are complete, and the third phase of infill drilling has begun.
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 these:
Tengizchevroil Future Growth Project–Wellhead Pressure Management Project (FGP-WPMP), Kazakhstan – Work continues on the next phase of expansion of the Tengiz Field. Using state-of-the-art sour gas injection technology, which was successfully developed and proven during the previous expansion, the FGP-WPMP is expected to increase total daily crude oil production by 260,000 barrels oil per day.
Duri Field Expansion, Indonesia – Already one of the world’s largest steamflood developments, the Duri Field projects, such as the infill drilling and workover programs, continued in 2017. These projects are designed to sustain production and increase oil recovery.
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. In 2017, we finished processing a 3-D seismic survey covering the entire onshore Partitioned Zone, 1.1 million acres (4,600 sq km) – one of the largest land seismic programs ever undertaken . The project has been deferred pending dispute resolution between Saudi Arabia and Kuwait.
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 2017, 70 development wells were drilled, and net daily production averaged 30,000 barrels of liquids.
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 2017, net oil-equivalent production in the United States accounted for one-quarter 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 Jack, St. Malo, Tahiti, Mad Dog, Tubular Bells and Caesar/Tonga and the Perdido Regional Development. Jack and St. Malo are being developed jointly. 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 late 2018.
California, United States – Chevron ranked No. 1 in net daily oil-equivalent production in California in 2017, 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 southeastern New Mexico – Chevron is one of the largest net acreage leaseholders and producers in the Permian Basin. The net unrisked oil-equivalent resources from the company’s acreage in the Permian Basin are estimated to exceed 11 barrels of oil-equivalent (net unrisked resources in 2017) .
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 2017 from Canadian operations was 36,000 barrels of crude oil and 51,000 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 the application of polymer enhanced oil recovery technology at the Captain Field, the first North Sea field to use this technique.
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 2017.
Chevron has 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.
Updated: April 2018