In a challenging environment, Chevron is shifting from oil to gas and actively promoting cleaner energy technologies
Under the banner of ‘Human Energy’, like a couple of its peers, Chevron has been promoting the challenge of finding newer, cleaner ways to power the world. It is one of the world’s leading integrated energy companies that explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; and is developing new energy resources including biofuels. Today, Chevron has successfully grown its gas business to be larger than its oil resource with roughly twice as many net proven gas reserves than oil.
Chevron is busy with a number of major projects around the world. From Thailand, Brazil, Australia, Nigeria, Angola and Indonesia to its home markets in the US and Canada, it is investing heavily in finding and exploiting new reserves and building production capacity while simultaneously trimming some of its downstream refining capability. In 2011 in the exploration arena it made four natural gas discoveries offshore Western Australia and a crude oil discovery at the Moccasin prospect in the deep water Gulf of Mexico. The company is now producing just below 2.6m net oil-equivalent barrels per day and with production growth expected to increase to 4 to 5 percent per year is aiming for 3.3m barrels per day by 2017. Chevron sees a bright future in gas and oil but is clear about the need to shift away from hydrocarbons as soon as practical. But given rising global demand, it views this as a gradual shift and is playing its part by investing in biofuels, new technology options as well as supporting clean technology startups helping entrepreneurs who are looking for solutions to the world’s environmental and energy challenges.