Providing Energy for Progress

Providing Energy for Progress

The world has produced about 1 trillion barrels of oil to date. Over the next century or so, approximately 2 trillion barrels more are expected to be produced from conventional proved reserves and undiscovered conventional oil. Additional supplies will be produced by Chevron and others from unconventional oil resources, such as extra-heavy oil in Venezuela, oil sands in Alberta and shale oil in the United States.

Producing Oil in the Gulf of Mexico

With subsea wells in 7,000 feet of water, the Blind Faith Platform is Chevron's deepest offshore production facility.

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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. Global energy demand is projected to increase more than 40 percent over the next 25 years, with oil, natural gas and coal continuing to meet most of that demand.

What Chevron Is Doing

For more than 130 years, Chevron has developed 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 and natural gas producer in Thailand, the largest oil producer in Indonesia and the top leaseholder in the U.S. Gulf of Mexico.
In 2010, Chevron produced 2.763 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.

Africa

In Africa, the company is exploring for and producing oil in Angola, Chad, Democratic Republic of the Congo, Nigeria and Republic of the Congo. Chevron is involved in several projects in different stages of development, including:
Angola – A major development program is under way to significantly increase production from the Block 0 concession, located offshore adjacent to the Cabinda coastline. This includes Mafumeira Sul, the second stage of the Mafumeira field development.
Nigeria – In 2009, the second phase of the Agbami deepwater field development offshore Nigeria was initiated. When completed, the 10-well development program is expected to sustain a maximum production rate of 250,000 barrels per day.

Asia

Chevron is exploring for or producing oil throughout Asia, including Azerbaijan, Cambodia, China, Indonesia, Kazakhstan, the Partitioned Zone between Saudi Arabia and Kuwait, and Thailand. Major projects include:
Tengiz Sour Gas Injection and Second Generation Plant, Kazakhstan – This significant expansion project increased Tengizchevroil (TCO) production capacity by approximately 80 percent. Options are being evaluated for an expansion project similar in scale to this one.
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. The North Duri Development Area 12 expansion was completed in December 2010, and a final investment decision for Area 13 was reached in May 2010.
Wafra Field Steamflood Project, Partitioned Zone – In 2009, the second phase of a steamflood pilot project was commissioned at the Wafra Field in the Partitioned Zone. The project is designed to determine the technical and economic viability of thermal-recovery projects in the carbonate reservoir and, if successful, could significantly increase recoverability of the heavy oil.

South America

In South America, Chevron produces oil in Argentina, Brazil and Venezuela.
Chevron is investing in the sustained development of the Frade and Papa-Terra deepwater fields offshore Brazil. Frade, which started producing oil in 2009, is among the larger deepwater heavy oil projects in the world. The Papa-Terra Project, now under construction, is expected to be Chevron's largest investment in Brazil.
Chevron is one of the leading private oil companies in Venezuela. In February 2010, a Chevron-led consortium was selected to participate in a heavy oil project composed of three blocks in the Orinoco Belt.

North America

Chevron's U.S. portfolio is anchored by producing assets concentrated in California, the Gulf of Mexico, Louisiana, Texas, New Mexico, the Rocky Mountains and Alaska. The company was the third-largest hydrocarbon producer in the United States during 2010. Net oil-equivalent production in the United States during 2010 represented approximately one-fourth of the companywide total.
U.S. Gulf of Mexico Deepwater Projects – Chevron is one of the leading producers in the deepwater Gulf of Mexico. Key producing assets include Tahiti and Blind Faith, the company's deepest operated offshore production facility. Two major capital projects—Jack/St. Malo and Big Foot—reached final investment decision in 2010.
California, U.S. – Chevron is No. 1 in net daily oil-equivalent production in California, with heavy oil making up about 84 percent of production. The company uses steam to increase oil recovery. Heat management is a major operational focus in the recovery of these reserves, with emphasis on improved energy efficiency.
In Canada, Chevron has interests in the Athabasca oil sands projects in Alberta, exploration and development projects offshore in the Atlantic region, and exploration and discovered resource interests in the Mackenzie Delta and Beaufort Sea region of Canada's western Arctic.
Athabasca Oil Sands Expansion Project, Canada – This project achieved first production in 2010 and is expected to increase daily production capacity from oil sands to more than 255,000 barrels in early 2011.

Europe

Chevron has interests in 10 offshore producing fields in the United Kingdom, Denmark, the Netherlands and Norway. 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, development activities include the Alder high-temperature, high-pressure oil and gas discovery, which is being evaluated as a potential subsea development, and the Clair Ridge project, which comprises the second phase of the nonoperated Clair Field development. A final investment decision is planned for late 2011.