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Oil and Gas Climate Initiative was formed in 2014 to address the issues of climate change. Initially, members from Europe, Asia, the Middle East, and Latin America formed the organization but now, the US companies- Chevron, ExxonMobil, and Occidental Petroleum will also be joining OGCI. Each new member will commit $100 million to $1 billion investment fund of OGCI whose purpose is to assist in development of emissions reduction technology.
The South African Competition Tribunal has approved Glencore’s $973m bid for the acquisition of Chevron Corp’s subsidiary. Chinese state-owned Sinopec was acquiring 75% stake through the sale last year, before Glencore jumped in, backed by minority shareholders and exercised pre-emptive rights on the sale. The proposed merger is subject to the condition that jobs are preserved after the deal and the CSA retirees’ medical aid subsidy is continued among others.
US-based oil major, Chevron evaded an Ecuadorian court verdict yesterday when an arbitration tribunal trashed the $9.5 billion verdict that came out in 2011 over oil pollution dispute. Chevron-owned TexPet was held guilty of environmental pollution due to operations in Lago Agrio oilfield. The bench stated that the Ecuadorian judgment was found in violation of international public policy. The Ecuadorian judgement will henceforth not be recognized in any other country.
Oil giant, Chevron presented its company data to a parliamentary committee in Indonesia on Monday. The estimated production of 2018 of Indonesia decreased this year and was 218,300 bpd which was 247,300 bpd in 2017. These figures include the output projections from 4 Indonesian blocks along with Rokan block. Rokan’s contract will expire in October. Chevron Pacific Indonesia’s first-half oil lifting was reported to be 207,148 bpd.
Chevron Nigeria Limited received a 21 days-ultimatum from the Niger Delta militants to re-classify all VTP5/OTP2 and VTP6 trainees. The militants have declared “Operation Black September” for all Chevron Facilities in the Niger Delta. The rebel group also gave the Federal Government 21 days to implement all of PANDEF’s 16-Point Agenda and all IOCs to vacate the region.
Pertamina will take over the operation of Rokan oil block as soon as the Chevron’s operating contract expires there in 2021, informed the Deputy Energy Minister of Indonesia. Reportedly, the offer made by Chevron for an extension of its contract was very less than that made by Indonesian oil giant. Chevron has acknowledged the news and expressed its disappointment through a written statement.
The investors showed disinterest towards investment in big projects of Exxon and Chevron on Friday. Although they accepted Chevron’s stock buyback of $3 billion, ExxonMobil’s market value was scraped by $11 billion. Both the companies failed to meet the profit estimates of the analysts. The crude price of Brent went up by 50 percent higher than next year but both these companies failed to take full advantage.
Chevron Australia has awarded UK-based TechnipFMC with a subsea installation contract for the Gorgon Stage 2 development. Under the contract terms, TechnipFMC will carry out project management, design engineering, transportation, installation and pre-commissioning of umbilicals and flying leads as well as manifolds. Chevron-operated Gorgon project, which is a JV of 6 oil firms, is into its Phase 2 development to ensure production is sustained for future gas supply.
Australian E&P giant has updated on the newly commenced second LNG train at the Wheatstone LNG plant in Australia. The company reported the production of 22.1 MMboe in the second quarter. The Wheatstone Train 2, which began operation at the Chevron-run plant last month, has reportedly achieved high production rates. Woodside reported over $1 billion in sales revenue recently.
A suit filed in NYC court against five top-notch oil and gas companies, alleging them for contributing to climate change, has been tossed out. ExxonMobil, Chevron, BP, Shell, and ConocoPhillips were named in the suit. The court cited that concerns like these must be addressed by the other branches of government, rather than the judiciary. There have been similar rulings in favor of the companies in San Francisco and California.
The EnergyQuest reported a hike in Australian LNG revenue, reaching $30.8 billion in 2017-18. The hike climbed on the back of increasing export to China, largely from Chevron’s Gorgon and Wheatstone projects. Gorgon and Wheatstone shared 41% of the Australian LNG export during the last 12 months. The increased export of cargoes to China has accounted for about 34% of LNG shipments.
Downer EDI has secured a five-year-long maintenance and support services contract from Chevron. Downer will provide its services for Chevron’s Western Australia operations. The scope of the contract covers the maintenance of non-process infrastructure assets at the Chevron-operated Gorgon and Wheatstone facilities. Downer has a long-term work history with Chevron Australia, and this contract will, all the more, serve to strengthen their relationship.
Speaking at the Nigerian Oil and Gas conference in Abuja, Chevron Nigeria’s MD advocated the need of collaboration among the oil firms so as to realize sustained investment and growth in the oil and gas industry in the country. He stressed over the creation of an enabling environment for investment to prosper, all the while congratulating the Nigerian government for its efforts in the direction.
Chevron Technology Ventures LLC (CTV) has announced the launch of Chevron Tech Challenge, an initiative to encourage entrepreneurs, startups and academicians to propose innovative solutions for oil and gas industry’s problems. This will also open the portal to company’s renowned Catalyst Program which aims at supporting early-stage companies. The aim of the challenge is to generate solutions for the industry’s persisting challenges while competing for cash prizes.
Citing absence of Chevron’s assets in the country, Argentina’s appeals court has dismissed the Ecuadorian ruling against Chevron. The case dates back to 2011 when Chevron was accused of polluting the Amazon region due to crude oil production, and the Lago Agrio court in Ecuador fined Chevron with a $9.5b compensation fee. The judgment of Argentina’s court will dismiss the enforcement of Ecuadorian judgment against Chevron Argentina.
US oil major, Chevron is planning to lay-off around 400 jobs in Australia. This comes months later of Chevron’s approval of a new construction project and backing an LNG jobs initiative. It is believed that the layoffs will be in accordance with the value chain alignment study conducted by the Boston Consulting Group to assess the roles required to sustain Chevron’s LNG operations in Australia.
Chevron North Sea Ltd has contracted Norway-based, HydraWell for its plug and abandonment (P&A) services on the UK continental shelf, for 3 years. HydraWell high-pressure PWC (Perforate, Wash, and Cement) jetting system is in line with UK regulatory requirements in a way that it can install a rock-to-rock barrier, in less than two days. This technology will help Chevron reduce the cost of plugging tasks, considerably.
Chevron Corp has started the production of liquefied natural gas (LNG) at the second unit of its $34 billion-Wheatstone development in Australia. Wheatstone LNG, which has a total capacity of 8.9 million tonnes a year, is eighth in line of the LNG project to be completed in Australia. Chevron has estimated to make up about 6% of the Asia Pacific region’s LNG production from Wheatstone running at full capacity.