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Chevron began production from its Tahiti Field, the deepest producing field in the U.S. Gulf of Mexico, in May 2009. One of the largest crude oil and natural gas reservoirs in the gulf, the field was developed after the company used 3D imaging signals to penetrate 2-mile-high layers of salt and visualize the full extent of the field. In the months that followed the creation of ChevronTexaco, the new company found itself looking for resources in ever-more-difficult environments – deeper, more remote and increasingly complex fields and underground reservoirs with more challenging characteristics. “The era of easy oil is over,” said then Chairman and CEO David J. O’Reilly. From 2002 to 2007, the company earned close to $72 billion. During that same period, the company invested roughly the same amount to bring new energy supplies to market. The company remained a leader among its peers, averaging a 42% success rate for exploration wells from 2002 through 2007. Chevron’s exploration program added approximately 1 billion barrels to its resource base over that same time period. adding unocalIn 2005, the company changed its name to Chevron Corp. and then acquired Unocal Corp., further enhancing its position as a leading energy provider. The acquisition was a strong strategic fit, strengthening the company’s exploration and production portfolio in the Asia-Pacific, the U.S. Gulf of Mexico and the Caspian region. The addition of Unocal provided a deep source of talent and leading-edge technology that Chevron quickly integrated throughout its organization. Technology offered a key advantage in the search for new energy supplies. Fully integrated across the company – from exploration to product delivery – Chevron’s technology success derived from a combination of proprietary capabilities and strong partnerships. Chevron demonstrated its expertise in employing deepwater exploration technology in the U.S. Gulf of Mexico. In 2006, the Jack well test set more than half-a-dozen world records for pressure, depth and duration in deep water. Five miles deep, it was the deepest well ever tested in the gulf. And these records were achieved without a single safety or environmental incident. Also in the U.S. Gulf of Mexico, Chevron achieved first oil from the Tahiti Field in May 2009. In approximately 4,100 feet (1,250 meters) of water, Tahiti featured the deepest producing well in the gulf. Three-dimensional visualization technology gives geologists a virtual tour through the rock, deep underground, and allows them to “see” potential reservoirs. This technology was employed at the Tahiti Field and at the Tengiz and Karachaganak fields in Kazakhstan. The company used its expertise in reservoir management to complete a major expansion project that nearly doubled production capacity from the giant Tengiz Field in Kazakhstan. The project – called the Sour Gas Injection/Second Generation Plant – took five years and $7 billion to complete. The Tengiz expansion and the ramp-up of the deepwater Agbami Field offshore Nigeria were two projects that added significant production volumes in 2009. Discovered in 1998, the Agbami Field is a subsea development with wells tied back to a floating production, storage and offloading vessel. focusing on the long-term upstream growthThe development of a substantial queue of major capital projects was central to Chevron’s focus on long-term growth and creating significant shareholder value for decades to come. This trend continued with the startup of four major capital projects in 2012: the deepwater Usan Field and Agbami 2 offshore Nigeria and Caesar/Tonga and Tahiti 2 in the U.S. Gulf of Mexico. Consistent with the company’s record of previous technological firsts, Tahiti 2 set several individual records for increasing deepwater production through the use of water injection, an effective method of enhancing reservoir pressure to reach additional oil. In pursuit of its long-term focus, Chevron continued to advance its two world-class liquefied natural gas (LNG) projects in Western Australia, Gorgon and Wheatstone. The Gorgon Project achieved key construction milestones and delivered first gas in April 2016. Gorgon’s progress continued, with the first delivery of gas at Train 3 in March 2017. And by 2019, Chevron Australia completed the Carbon Dioxide (CO2) Injection Project, which involved the design, construction and operation of facilities to inject CO2 into a deep reservoir more than two kilometers beneath Barrow Island. By permanently trapping the CO2, Chevron expects to reduce greenhouse gas (GHG) emissions from the Gorgon Project by approximately 40%, or more than 100 million tonnes over the life of the injection project. Meanwhile, the achievement of several commercial milestones helped lead to the startup of the Wheatstone Project in October 2017. “First LNG production is a significant milestone and is a credit to our partners, contractors and the many thousands of people who collaborated to deliver this legacy asset,” said then Chairman and CEO John Watson. The large queue of discoveries in Australia’s Carnarvon Basin contributes to the resources available to sustain Chevron’s LNG projects in the region. Across the globe, Chevron continued progress on the company’s development projects to deliver future production growth. In 2015, Chevron achieved first production at the Lianzi Project in the Angola–Republic of the Congo Joint Development Area, the Moho Bilondo Phase 1b Project in Republic of the Congo and the Agbami 3 Project in Nigeria. In 2016, Chevron ramped up production at the Jack/St. Malo Project in the U.S. Gulf of Mexico. Jack and St. Malo are two of the largest oil and gas fields ever discovered in the deepwater gulf, with reservoirs more than 26,000 feet (7,925 meters) deep, under 7,000 feet (2,134 meters) of water. With a capacity of 177,000 barrels of oil equivalent per day, the Jack/St. Malo floating production unit is the largest operation that Chevron has in the Gulf of Mexico. Chevron’s development of oil and natural gas from shale and tight rock formations intensified when the company entered the Marcellus Shale through its acquisition of Atlas Energy in 2011. By 2017, the company was also developing tight oil or liquids-rich gas shales in the Permian Basin of the Southwestern United States the Vaca Muerta Shale in Argentina and the Duvernay Shale in Canada. Production from our shale and tight rock activity in the Permian Basin exceeded expectations, driven by innovations in well design, applications of new technology, continued improvement in well drilling and completions, and an increase in long-lateral well inventory. With approximately 2.2 million net acres of resources in the Permian Basin, Chevron was one of the basin’s largest net acreage holders. By the end of the decade, the Permian Basin was forecast to reach one million barrels of oil-equivalent production per day in 2025. Across Chevron’s asset base, the Upstream business continued to grow. In 2018, the company reported a highest-ever worldwide net production of more than 2.9 million oil-equivalent barrels per day, up more than 7% from 2017 and 12% from 2016. Production increases were driven by Permian Basin growth, startups in the Gulf of Mexico and Australia, continued ramp-up of LNG operations in Australia, and a high level of reliability at Tengizchevroil (TCO) in Kazakhstan. The company added approximately 1.46 billion barrels of net oil-equivalent proved reserves, replacing 136% of production, and had a five-year reserve replacement ratio of 117%. In 2019, Chevron’s Upstream business delivered record production once again even as the company streamlined its operational and geographic footprint. Chevron produced 3.06 million oil-equivalent barrels per day in 2019, up more than 4% from 2018. And the company embarked on changes to enhance its ability to compete in any price environment by driving efficiencies, evolving its portfolio and optimizing the value chain. downstream and chemicals reimaginedThe global restructuring of the company’s Downstream & Chemicals (DS&C) business has delivered greater value from a more tightly focused portfolio. From 2010 through 2015, Chevron ranked No. 1 or No. 2 among its peers in earnings per barrel and return on capital employed. In 2015, Chevron’s Downstream segment reported its best year on record, with $7.6 billion in earnings. The company has also become a leading global producer of premium base oil since the 2014 completion of a base oil facility at the Pascagoula, Mississippi, refinery. DS&C ended the decade on a strong note, strengthening its position in key markets. Chevron Phillips Chemical Company announced agreements with Qatar Petroleum to jointly develop new petrochemical plants. Chevron enhanced its U.S. Gulf Coast value chain by purchasing the Pasadena Refinery, enabling the company to process Permian crude. And Chevron signed an agreement to acquire Puma Energy (Australia) Holdings Pty Ltd. When the acquisition was completed in 2020, Chevron added a network of more than 360 company- and retailer-owned service stations, a commercial and industrial fuels business, and owned and leased seaboard import terminals and fuel distribution depots. delivering energy around the globeTransportation is an essential part of Chevron’s operations. Chevron Pipeline and Power and Chevron Shipping Company manage safe, reliable, flexible and efficient systems that deliver energy to Chevron’s customers around the globe. In 2017, Chevron’s Midstream organization achieved a significant milestone by delivering the first LNG cargo from Wheatstone to customers in Japan. The company also completed the largest shipbuilding and fleet modernization program in recent Chevron history, taking delivery of its fifth and sixth LNG carriers. And in 2018, Chevron’s Shipping organization supported the safe and successful delivery of the first modular component of oil field equipment to the Future Growth Project in Kazakhstan, a major expansion of the Tengiz Field, due to start up in late 2022. |
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