highlights of operations
Chevron is operating in the northeastern autonomous region within Iraq known as the Kurdistan Region of Iraq (KRI). We are exploring for energy that can help grow and sustain the local economy. The company currently has interests in the Sarta and Qara Dagh blocks.
The company is also actively investing in communities near where we operate. We have supported education and economic development initiatives while making substantial contributions for the care of internally displaced people and refugees.
exploration and production
Chevron is using advanced drilling technology to maximize the search for energy resources in the KRI.
Chevron operates and has a 50 percent interest in the Sarta production-sharing contract (PSC). The block covers an area of 60,000 net acres (242 sq km). We also have a nonoperated 40 percent interest in the 85,000 net acres (344 sq km) covered by the Qara Dagh PSC.
Complex geology in the KRI required state-of-the-art technology. To successfully drill the latest exploration well in the Sarta Block, Chevron utilized automated managed pressure drilling equipment and a new-generation logging-while-drilling formation testing tool.
First oil was achieved from the Sarta Stage 1A project in November 2020. Chevron will operate the Sarta block through 2021 and plans to transfer operatorship thereafter provided certain milestones are achieved.
An exploration well in the Qara Dagh PSC is planned for the second quarter of 2021.
in the community
Wherever we conduct business, we take seriously our role as neighbors in the communities near our facilities.
Since the very start of our work in the KRI in 2013, we have been committed to supporting communities in need and have engaged in several social investment projects.
To encourage local economic development, Chevron has donated 60 greenhouses to 30 farmers in eight villages in the Sarta Block area and provided training in new vegetable cultivation techniques. In addition, Chevron arranged for beekeeping equipment and training to be given to 50 families in local villages in the Qara Dagh Block area.
Chevron also donated seven wheat seed cleaning machines and three power generators to approximately 1,800 wheat farmers in the Sarta and Qara Dagh block areas.
To support education, Chevron has built a school in the Bardarash District and donated seven computer labs in the Bardarash District and Dara Shakran subdistrict.
Chevron supported the construction of three soccer pitches to promote social interaction, build positive relationships and help young athletes hone their soccer skills. We have also built five community halls in the Bardarash district and Dara Shakran subdistrict.
Since 2013, Chevron has donated more than $2.27 million, through nongovernmental organizations Save the Children and International Rescue Committee, to support Syrian refugees and internally displaced people in the KRI.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Website contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential”, and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date posted on this Website. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those projected in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, and public health crises, such as pandemics and epidemics; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries, or other natural or human causes beyond the company’s control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; receipt of required Board authorizations to effect future dividend and share repurchases; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company’s 2019 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed on this Website could also have material adverse effects on forward-looking statements.