Chevron Corp News

27 Feb 2019

Oil, Gas Majors Join Blockchain Consortium

Rebecca Hofmann Photo:  OOC Oil & Gas Blockchain Consortium

A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas Blockchain Consortium.The OOC Oil & Gas Blockchain Consortium was founded to advance industry blockchain technology learnings for the purpose of driving industry standards…

04 Feb 2019

Tankers with Venezuelan Oil Collect off US

© Igor Groshev / Adobe Stock

A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data.The Trump administration's move to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro by targeting the Latin American nation's oil exports to the United States, the source of most of its foreign revenue.The sanctions aim to block U.S.

11 Jan 2019

Exxon Ships Have Not Returned to Disputed Area off Guyana

© Zerophoto / Adobe Stock

Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana's coast have not returned to the site of a December incident with Venezuela's navy, but they may in the future, Guyana's foreign minister said on Thursday.Guyana, with no history of oil production, has become the focus of intense interest since Exxon announced the discovery of over 5 billion barrels of oil and gas off its shores. That has reignited a century-old territorial dispute with neighboring Venezuela.

19 Oct 2018

ENN Starts First Phase of Zhoushan LNG Import Terminal

© philipus / Adobe Stock

Chinese gas distributor ENN Energy Holdings has begun operations at the first phase of its Zhoushan liquefied natural gas (LNG) import terminal, Vice President Ma Shenyuan said, speaking at a commencement ceremony for the terminal on Friday.As ENN aims to ramp up winter supplies in eastern China, the tanker 'Asia Integrity' docked at the Zhoushan terminal on the same day, bringing 145,000 cubic meters of LNG from Australia supplies to mark the launch of China's first privately…

09 Oct 2018

Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery

(File photo: Port of Houston)

Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel, in the western part of the U.S. Gulf, to complement an existing eastern Gulf refinery in Mississippi that makes lubricants and other materials, Pierre Breber, Chevron's head of downstream and chemicals, said."Something on the ship channel side could make a lot of sense for our company…

25 Sep 2018

Guyana Puts Oil Auctions on Hold

(File photo: Hexx Corp)

Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation, into one of Latin America's hottest prospects for oil investments.Exxon…

21 Sep 2018

Shell in Talks to Sell $1.3 Bln of Gulf Coast Assets

(File photo: Anadarko)

Royal Dutch Shell Plc is in talks to sell its assets in a Gulf of Mexico oilfield to Focus Oil to pay for its takeover of BG Group Plc, Bloomberg reported on Thursday, citing people familiar with matter.The deal could value Shell's stake in the Caesar Tonga field at about $1.3 billion, the report said.Shell has a 22.5 percent working interest in Caesar Tonga, with the rest owned by companies including Anadarko Petroleum Corp, Equinor ASA and Chevron Corp, Bloomberg said, citing company filings.Shell and Focus Oil did not immediately respond to a request for comment.(Reporting by Sathvik N in B

12 Sep 2018

PDVSA to Reopen Damaged Port Dock by Month's End

© Haris Andronos / Adobe Stock

PDVSA expects to reopen the south dock of Venezuela's main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters.Last week, PDVSA began diverting tankers to Puerto la Cruz for loading, but the South American country's crude exports have remained slow in recent weeks as few customers have accepted the 500,000-barrel-per-cargo maximum neighboring terminals can handle.Besides Puerto la Cruz…

04 Sep 2018

Transocean to Buy Ocean Rig in $2.7 Bln Deal

¬© Eugenio Roque√Īi / MarineTraffic.com

Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.Global crude prices have since recovered to above $70…

31 Aug 2018

PDVSA to Divert Tankers to Nearby Port after Collision

© Evren Kalinbacak / Adobe Stock

Venezuela's state-run PDVSA is organizing a contingency plan to address its latest oil-export problem following a minor accident last week at the country's main crude terminal, two sources from the firm told Reuters on Friday.A tanker collision that damaged Jose port's South dock and forced its closure has added to delays in loading crude for export, especially to customers such as Russia's Rosneft and U.S.-based Valero Energy Corp and Chevron Corp.Oil tankers that were assigned…

29 Aug 2018

Venezuela's Port Woes Stall Rosneft Liftings

The closing of a dock at Venezuela's main oil export port could delay as much as 5 million barrels in crude deliveries to Russian state-oil firm Rosneft, a source said on Wednesday and documents showed.A tanker collision at the weekend forced PDVSA to halt operations at Jose port's South dock, curtailing planned shipments mainly for Rosneft, and for U.S. firms Valero Energy and Chevron Corp until damages can be repaired.Reporting by Marianna Parraga

10 Aug 2018

Gulf of Mexico Lease Sale to Test Response to Trump-era Regulations

(File photo: Shell)

A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally, as well as from onshore shale basins and Mexico's waters in the Gulf.Oil companies had lobbied for lower royalty payments for deepwater acreage because of the projects' high cost and long lead time before production can begin.

22 May 2018

Valero Boosts Imports of Venezuelan Oil as Sanctions Loom

© sarojmornparn / Adobe Stock

U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year, cutting shipments to buyers in the United States and elsewhere and worsening a severe economic recession. Its crude exports averaged 1.19 million barrels per day (bpd) in the January-April period…

11 May 2018

Record 16 Companies Register for Brazil Pre-salt Auction

File photo: √ėyvind Hagen / Statoil

A record 16 oil companies, including heavyweights like Royal Dutch Shell Plc, have registered to participate in the so-called fourth round of bidding for stakes in Brazil's coveted pre-salt layer, oil regulator ANP said on Thursday.American firms Chevron Corp and Exxon Mobil Corp, Norway's Statoil and France's Total SA are also registered for the June auction of blocks in the offshore play, where billions of barrels of oil are trapped under a thick layer of salt below the ocean floor.(Reporting by Roberto Samora and Alexandra Alper; Editing by Lisa Shumaker)

10 May 2018

Gorgon LNG Faces Scrutiny on Delayed Carbon Capture Project

(File photo: Chevron)

The state of Western Australia has ordered an inquiry into a delay in burying carbon dioxide emissions at Chevron Corp's Gorgon liquefied natural gas (LNG) project, which could lead to a change in conditions on the project.The state approved the $54-billion Gorgon project in 2009 on the condition that at least 80 percent of carbon dioxide released in its gas processing operations over a five-year rolling average period would be buried."It has become apparent there needs to be a clearly defined start point for the commencement of the five-year rolling average…

16 Apr 2018

Chevron Greenlights Gorgon LNG Expansion

(File photo: Chevron)

Chevron Corp will proceed with the second stage of its giant Gorgon liquefied natural gas (LNG) export plant off the northwest coast of Western Australia, the company said on Saturday.Chevron and its joint venture partners plan to sink 11 new wells in the Gorgon and Jansz-Io fields and build offshore pipelines and subsea structures to pipe the gas to the nearby 15.6 million tonne a year LNG plant on Barrow Island.The $54 billion Gorgon project came on stream in March 2016 but suffered numerous unplanned shutdowns in its early stages.Chevron declined to put a cost on stage two of the project…

21 Mar 2018

Record-size US Offshore Oil Lease Sale Draws Modest Bidding

© Mike Mareen / Adobe Stock

Oil and gas drillers bid modestly on Gulf of Mexico acreage in the largest lease sale in American history on Wednesday, dealing a setback to the Trump administration's efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31.2 million hectares) for development in the Gulf with discounted royalty rates on the shallower tracts as part of a broader effort by President Donald Trump's administration to ramp up U.S. fossil fuels output.

12 Mar 2018

US States Slow Trump Offshore Oil Drilling Expansion Plan

© Georg Lehnerer / Adobe Stock

The Trump administration's plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal of "energy dominance." But existing Obama administration lease rules remain in place through 2022 unless the new rules gain approval. The Department of the Interior this year proposed opening vast new acreage in the U.S. outer continental shelf to drilling.

12 Feb 2018

Big Oil Takes Stage for Post-austerity Beauty Contest

(File photo: Shell)

With years of austerity in their rear-view mirrors, the world's biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook. Major oil companies slashed spending and cut costs after oil prices collapsed…

06 Feb 2018

Chevron Mulling Participation in Brazil's March Oil Auction

Chevron Corp is considering taking part in an oil auction next month in Brazil as part of a consortium of companies, Brazilian oil regulator ANP said on Tuesday on its website. The auction, slated for March 29, will offer 70 blocks in the offshore Ceará, Potiguar, Sergipe-Alagoas, Campos and Santos basins and on-shore basins of Parnaíba and Paraná. The deadline to register for the auction is Wednesday. Chevron did not immediately respond to a request for comment. Chevron did not bid in an October auction that opened Brazil's offshore pre-salt play to foreign operators and was dominated by Royal Dutch Shell Plc. However, Chevron is seeking to ramp up its production in Brazil.

05 Feb 2018

Next-wave LNG Terminals get Smaller, More Flexible

Cheniere's Sabine Pass LNG Terminal (CREDIT: Cheniere)

The liquefied natural gas market is growing every year, but the terminals that ship and receive the fuel are shrinking. The booming sector's next-generation infrastructure is being designed for a emerging-market buyers that want smaller volumes on shorter, more flexible contracts. LNG export terminals, where the gas is liquefied and put on vessels for shipping, have traditionally been massive, custom-built facilities that cost tens of billions of dollars. And so to justify the investment, they have typically required equally massive, long-term supply deals, often lasting a decade or more.

31 Jan 2018

Shell Makes Big Deepwater Oil Discovery in Gulf of Mexico

Oil major Royal Dutch Shell said its U.S. unit had made one of its biggest oil discoveries in the past decade in the Whale deepwater well in the U.S. Gulf of Mexico. The Whale is operated by Shell and co-owned by U.S. oil giant Chevron Corp. "Evaluation of the discovery was ongoing, and appraisal drilling is underway to further delineate the discovery and define development options," Shell Offshore Inc said in a statement without giving figures. Shell has three Gulf of Mexico deepwater projects under construction -- Appomattox, Kaikias and Coulomb Phase 2. It has added more than one billion barrels of oil equivalent (boe) resources in the last decade in the Gulf of Mexico.

31 Oct 2017

Wheatstone LNG Facility Exports First Cargo to Japan

(Photo: Chevron)

Australia's Wheatstone liquefied natural gas (LNG) project, after starting production earlier this month, has shipped its first export cargo to a buyer in Japan, majority owner and operator Chevron Corp said on Tuesday. Wheatstone is the sixth out of eight projects in a $200 billion Australian LNG construction boom that is now in its final stretch. The two remaining project due to for start-up are Royal Dutch Shell's Prelude floating LNG project and Ichthys, led by Japan's Inpex.

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