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 and developing 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 health, 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 an 80 percent interest in the Sarta production-sharing contract (PSC) and the Qara Dagh PSC. The two blocks cover a combined area of 279,000 net acres (1,129 sq km).
The complex geology in the KRI required new state-of-the-art technology. Chevron used managed pressure drilling equipment and a new formation testing tool to successfully drill two exploration wells in the challenging environment.
In 2015, Chevron acquired 2-D seismic data and completed testing in two wells in the Sarta block. We are evaluating the results. We also acquired 2-D seismic data in the Qara Dagh Block in 2015.
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 2012, 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 farmers in 30 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.
To support education, Chevron has built a school in the Bardarash District, donated seven computer labs in the Bardarash and Darashakran districts, and donated three buses to transport students to school from their villages in the Qara Dagh District.
Chevron built 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 and Darashakran districts.
Since 2013, Chevron has donated more than $2.27 million, through the NGOs Save the Children and the 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 Site 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," "may," "could," "should," "budgets," "outlook," "on schedule," "on track" 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 of this report. 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 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 expenditure reductions; 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 startup 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 and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries, or other natural or human causes beyond its 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 other pending or future litigation; the company's future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, 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; 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 21 through 23 of the company's 2015 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements.
Certain terms, such as "unrisked resources," "unrisked resource base," "recoverable resources," and "oil in place," among others, may be used to describe certain aspects of the company's portfolio and oil and gas properties beyond the proved reserves. For definitions of, and further information regarding, these and other terms, see the "Glossary of Energy and Financial Terms" on pages 50 and 51 of the company's 2015 Supplement to the Annual Report. As used in this report, the term "project" may describe new upstream development activity, including phases in a multiphase development, maintenance activities, certain existing assets, new investments in downstream and chemicals capacity, investment in emerging and sustainable energy activities, and certain other activities. All of these terms are used for convenience only and are not intended as a precise description of the term "project" as it relates to any specific government law or regulation.All trademarks, service marks, logos and trade names, whether registered or unregistered, are proprietary to Chevron, its affiliates, or to other companies where so indicated. You may not reproduce, download or otherwise use any such trademarks, service marks, logos or trade names without the prior written consent of the appropriate owner thereof.