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Chevron Corporation News

10 Nov 2022

Chevron, Japan's MOL to Study CO2 Transportation from Singapore to Subsea Storage in Australia

Chevron and MOL have signed a Joint Study Agreement to explore the feasibility of transporting liquified carbon dioxide from Singapore to permanent storage locations offshore Australia. At the signing ceremony in Singapore were Mr. Chris Powers, Vice President, Carbon Capture Utilization and Storage, Chevron New Energies, and Mr. Yasuchika Noma, Executive Officer of MOL. (Photo: Business Wire)

Chevron Corporation and Japan's Mitsui O.S.K. Lines (MOL) have signed an agreement to study the feasibility of transporting liquefied carbon dioxide from Singapore to permanent storage locations offshore Australia. Chevron New Energies International Pte. Ltd, the U.S. oil major's subsidiary, and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5 million tonnes per annum of liquefied carbon dioxide by 2030, Chevron said in a statement on Thursday.It is the latest foray by Chevron…

29 Jun 2022

Chevron Completes Acquisition of Renewable Energy Group

© peterschreiber.media / Adobe Stock

Chevron Corporation earlier this month completed its previously announced acquisition of biodiesel production company Renewable Energy Group, Inc. (REG) following approval by REG stockholders.“We have brought together companies with complementary capabilities, assets, and customer relationships to make Chevron one of the leading renewable fuels companies in the United States,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “Chevron now offers our customers an expanded suite of cost-effective…

03 Oct 2019

Chevron Sets New Goals for Greenhouse Gas Reduction

American multinational energy giant Chevron Corporation unveils new goals to reduce oil production-related greenhouse gas (GHG) emissions by 5% to 10% over a seven-year period ending 2023 as part of an ongoing effort to combat global climate change.The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not. Emission intensity is the emission rate of greenhouse gas per unit of energy produced.“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact," said Michael Wirth, Chevron's chairman and CEO.The new reduction goals build on other actions Chevron is taking to address climate change by lowering the company’s carbon intensity…

27 Feb 2019

Global FPSO Market to Hit USD30Bln by 2025.

The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative, it said.Furthermore, advancement in subsea technologies along…

24 Sep 2018

OGCI Pledges to Tackle Methane Emissions

The Oil and Gas Climate Initiative (OGCI) has announced a target to reduce by 2025 the collective average methane intensity of its aggregated upstream gas and oil operations by one fifth to below 0.25%, with the ambition to achieve 0.20%, corresponding to a reduction by one third.The methane intensity refers to the methane that gets lost in the atmosphere when producing oil and gas, as a percentage of the gas sold. This effort represents a significant milestone in tackling a key issue in the fight against climate change and underlines OGCI’s stance in working together to support the goals of the Paris Agreement.Achieving the agreed intensity target of 0.25% by the end of 2025 would reduce collective emissions by 350,000 tonnes of methane annually, compared to the baseline of 0.32% in 2017.

20 Sep 2018

Chevron, ExxonMobil, Occidental Petroleum Join Oil and Gas Climate Initiative

The Oil and Gas Climate Initiative (OGCI) announced three new member companies that together represent 5% of global oil and gas production as it welcomed Chevron Corporation, Exxon Mobil Corporation, and Occidental Petroleum.The three new companies will become official members of OGCI as of September 24, 2018.With these additions, OGCI members now represent around 30% of global oil and gas production and supply close to 20% of global primary energy consumption. The 13 member companies represent regions including China, the Middle East, Latin America, Europe and now the United States, widening OGCI’s global reach and making its members’ collaborative effort in support of the Paris Agreement…

09 Oct 2017

Chevron Starts LNG Output at Wheatstone Project

Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “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 Chevron Chairman and CEO John Watson. At full capacity, the Wheatstone Project’s two train LNG facility will supply 8.9 million metric tons per year of LNG for export to customers in Asia. The LNG facility is located 7.5 miles (12 kilometers) west of Onslow and processes natural gas from the Chevron-operated Wheatstone and Iago fields.

29 Jan 2017

Chevron Names Wirth Vice Chairman

Chevron Corporation said today that Michael K. Wirth, executive vice president of Midstream and Development, has been named vice chairman, effective February 1, 2017. “As a senior officer of Chevron, Mike has made significant contributions to the company’s success,” said John S. Watson, Chevron’s chairman and chief executive officer. In assuming his new role, Wirth will join the company’s Board of Directors and add Policy, Government & Public Affairs to his existing portfolio of responsibilities. Currently, Wirth oversees Midstream and Development, accountable for supply and trading, gas commercialization and the company’s midstream operating units engaged in transportation and power as well as corporate strategy and business development.

08 Dec 2016

Chevron Unveils 2017 Investment Plan

Chevron Corporation today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures. "Our spending for 2017 targets shorter-cycle time, high-return investments and completing major projects under construction. In fact, over 70 percent of our planned upstream investment program is expected to generate production within two years," said Chairman and CEO John Watson. "This is the fourth consecutive year of spending reductions. Construction is nearing completion on several major capital projects, which are now online or expected to come online in the next few quarters.

29 Sep 2016

Keppel FELS Delivers Accommodation Unit to Floatel

Floatel Triumph (Photo: Floatel)

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered Floatel Triumph, a fifth high-specification accommodation semisubmersible (semi), to Floatel International Ltd (Floatel). The semi, which is built to Keppel's proprietary SSAUTM5000NG design, will be chartered by Chevron Corporation for work in the Wheatstone field in Western Australia. Floatel Triumph is scheduled to arrive on location in mid-October 2016. Thereafter, it will work for INPEX Operations Australia in Ichthys Field, off Western Australia.

04 Apr 2016

LNG Names New MD

Australia's Liquefied Natural Gas Limited (LNGL) has appointed Chevron executive Greg Vesey to replace company founder Maurice Brand as managing director and chief executive. Brand will continue on with LNG as an executive director until his retirement in June next year. Vesey, a 25-year veteran of Chevron, will be based in Houston, Texas. Greg brings a wealth of experience through his 35 years with Chevron Corporation where his responsibilities most recently included Chevron's Global Gas marketing and trading activity including extensive LNG development work. Previous appointments covered the introduction of new technology, international operations and included commercial and execution responsibilities as well as liaising with stakeholders.

21 Mar 2016

Chevron Ships First LNG From Gorgon Project

Chevron Corporation (NYSE: CVX) today announced that its first shipment of liquefied natural gas (LNG) from the Gorgon Project has departed Barrow Island off the northwest coast of Western Australia. The cargo will be delivered to one of Chevron's foundation buyers, Chubu Electric Power, for delivery into Japan. The Asia Excellence loading the first Gorgon liquefied natural gas (LNG) cargo for delivery into Japan. The first cargo highlights the company's growing leadership as an LNG supplier. "Departure of the first cargo from the Gorgon Project is a key milestone in our commitment to be a reliable LNG provider for customers across the Asia-Pacific region," said Mike Wirth, executive vice president, Chevron Midstream and Development.

21 Mar 2016

Maiden Gorgon LNG Cargo Heads to Japan

The first shipment of liquefied natural gas (LNG) from the Australian Chevron's monster $55 billion Gorgon Project has departed Barrow Island yesterday aboard the 2015-built LNG carrier Asia Excellence, US-based energy giant Chevron Corporation said. Chubu Electric Power, one of Chevron's foundation buyers for Gorgon LNG, will receive the cargo. Chevron, which started producing the fuel on Barrow Island earlier this month, had expected to make the first shipment last week. “Departure of the first cargo from the Gorgon Project is a key milestone in our commitment to be a reliable LNG provider for customers across the Asia-Pacific region,” said Chevron executive VP for midstream and development Mike Wirth.

09 Feb 2016

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in the Kingdom of Morocco. ​Under the agreement, which was approved by the Moroccan government, Qatar Petroleum will acquire the 30% interest in the deep-water leases, while Chevron will retain a 45% interest and remains the operator and Morocco's Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest. The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep. “It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.

18 Jan 2016

Chevron and ENN Sign Gorgon LNG Agreement

The Asia Vision is one of Chevron's new liquefied natural gas (LNG) carriers constructed to support the company's growing LNG operations. (Photo: Business Wire)

Chevron Corporation announced that its Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company Limited (ENN) for the delivery of liquefied natural gas (LNG) to China from the Chevron-operated Gorgon natural gas project in Australia. When the deal is finalized, ENN is expected to receive up to 0.5 million metric tons per annum (MTPA) of LNG over 10 years, with deliveries starting in 2018 or the first half of 2019. “This is one more step in the development of our Australian gas business and our global LNG portfolio…

22 Dec 2015

Chevron, China Huadian Sign LNG Supply Deal

Chevron Corporation's wholly-owned subsidiary, Chevron U.S.A. Inc., has today signed a non-binding liquefied natural gas (LNG) supply Heads of Agreement (HOA) with China Huadian Green Energy Co., Ltd. When the agreement is finalized, China Huadian Green Energy is expected to receive up to 1 million metric tons per annum (MTPA) of LNG over 10 years starting in 2020. "This is an important step in the commercialization of Chevron's natural gas holdings in Australia and the establishment of our global liquefied natural gas portfolio," said Pierre Breber, executive vice president, Chevron Gas and Midstream. "We welcome the opportunity to…

02 Jun 2015

Chevron Moving Platform to Sheltered Waters

Chevron Corporation today advised that the Big Foot tension-leg platform (TLP) will be moved to sheltered waters from its location in the deepwater U.S. Gulf of Mexico following damage to subsea installation tendons. The tendons were pre-installed in preparation for connection to the Big Foot TLP. Between Friday, May 29 and Sunday, May 31, 2015, several tendons lost buoyancy. The Big Foot TLP was not connected to any subsea wells or tendons at the time of the incident and was not damaged. There are no producing wells at Big Foot at this time. There were no injuries and there has been no release of any fluids to the environment. Damage to the tendons, which are not connected to subsea wells and are used to attach the TLP to the seafloor, is being assessed.

08 Apr 2015

The New Reality: Investment in Maritime Simulation Surges

Resolve Marine Group (Photo: Resolve)

The proliferation of increasingly sophisticated and realistic maritime simulation facilities is taking the market by storm, with investment globally to train new and old mariners alike to exacting new standards. “Simulation technology has continued on a more or less steadily upward trajectory over the last ten years,” said Sam Pecota, Director of Simulation, California Maritime Academy, “The clarity and fidelity of our current full mission simulators is significantly superior to that which was possible at the turn of the century.

02 Dec 2014

First Oil From Jack/St. Malo Project in the Gulf of Mexico

The Jack/St Malo semi-submersible floating production unit is the largest of its kind in the Gulf of Mexico and has a production capacity of 170,000 barrels of oil and 42 million cubic feet of natural gas per day, with the potential for future expansion. (Photo: Business Wire)

Chevron Corporation (NYSE: CVX) announced that crude oil and natural gas production has begun at the Jack/St. Malo project in the Lower Tertiary trend, deepwater U.S. Gulf of Mexico. Jack/St. Malo is a key part of Chevron's strong queue of upstream projects and was delivered on time and on budget. The Jack and St. Malo fields are among the largest in the Gulf of Mexico. They were discovered in 2004 and 2003, respectively, and production from the first development stage is expected to ramp up over the next several years to a total daily rate of 94…

11 Dec 2014

Chevron Takes Cummings on Board

Chevron Corporation informed that Alexander B. Cummings Jr. has been elected to Chevron's board of directors, and he will serve on the company's Audit Committee. John Watson, chairman of the board and chief executive officer of Chevron said, "Mr. Cummings is a proven business leader who brings international experience and a global outlook. Cummings, 58, is executive vice president and chief administrative officer of The Coca-Cola Company, where he oversees a variety of functions including legal, human resources, community engagement, strategic planning, information technology, sustainability, security and aviation, research and development, product integrity, innovation, and procurement. He joined Coca-Cola in 1997 as region manager in Nigeria.

06 Jan 2015

Chevron Makes Oil Discovery in Deepwater US Gulf

Anchor is located approximately 140 miles (225 km) off the coast of Louisiana. (Image: Chevron)

Chevron Corporation announced an oil discovery at the Anchor prospect in the deepwater U.S. Gulf of Mexico. Anchor is Chevron’s second discovery in the deepwater Gulf in less than a year. “The Anchor discovery, along with the previously announced Guadalupe discovery, are significant finds for us in the deepwater Gulf of Mexico. We had one of our best years with the drill bit in 2014, reporting more than 30 discoveries worldwide and adding an estimated one billion barrels of new resources to our holdings,” said Jay Johnson, senior vice president, Upstream, Chevron Corporation.

23 Jan 2015

Chevron, SK LNG Trading Ink Deal for LNG Supply

Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15 million tons of LNG over a five-year period starting in 2017. During the time of this agreement, over 75 percent of Chevron’s equity LNG from Gorgon will be committed to customers in Asia. “This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia,” said Pierre Breber, president, Chevron Gas and Midstream.

03 Feb 2015

Chevron Names Ourada Corporate VP and Comptroller

Chevron Corporation today named Jeanette L. Ourada as their new corporate vice president and comptroller effective April 1. Ourada succeeds Matthew J. Foehr, who will retire after 33 years with the company. Ourada, 49, will oversee corporate-wide accounting, financial reporting and analysis, and internal controls. She will also lead Finance Shared Services, the organization she has led since July 2013. Since joining Chevron as part of the Unocal acquisition in 2005, Ourada has held a series of leadership roles within the finance organization. Before assuming her current role as the general manager of Finance Shared Services, Ourada served as assistant treasurer, operating company support and intercompany financing.