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Chevron, Reliance request U.S. unwind some Venezuela oil sanctions
Jan. 29, 2021
Source: World oil

Chevron, Reliance request U.S. unwind some Venezuela oil sanctions

Chevron and Reliance Industries are meeting with U.S. State Department officials reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel.The U.S. imposed sanctions on Petroleos de Venezuela SA in early 2019, in an effort to dislodge President Nicolas Maduro from power by depriving his government of oil revenue.

Chevron to invest in nuclear fusion startup zap energy
Aug. 13, 2020
Source: Reuters

Chevron to invest in nuclear fusion startup zap energy

Chevron Corp. decided to invest in Zap Energy Inc. Chevron came up with this decision as companies are facing increasing pressure from investors to reduce emissions and spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change. Chevron Corp. is added to the list after Italy’s ENI and Norwegian state oil company Equinor.

DOF Subsea secures new Asia-Pacific contracts
Aug. 11, 2020

DOF Subsea secures new Asia-Pacific contracts

Norwegian firm DOF Subsea has secured two new contracts in the Asia-Pacific (APAC) region. The company has received an IMR services contract from Chevron Australia to support its North-West Shelf and nearshore subsea assets in Australia. DOF Subsea will provide Chevron with DP vessels, remotely operated underwater vehicles (ROVs), autonomous underwater vehicle (AUVs), and intervention, inspection, management and engineering services.

Chevron acquires Noble Energy in a $5 billion deal
July 22, 2020
Source: Reuters

Chevron acquires Noble Energy in a $5 billion deal

Chevron Corp’s surprise $5 for oil producer Noble Energy should spell this year’s deal drought, setting a benchmark that will trigger more buys. The COVID-19 pandemic destroyed fuel demand and left dozens of energy companies without the prospect of drilling their way out of debt. They may now be more willing to entertain deals with the Chevron offer as a standard. Chevron agreed to pay $5 a barrel for Noble’s proved reserves.

Oil giants set first joint carbon target
July 17, 2020
Source: Reuters

Oil giants set first joint carbon target

Amidst rising pressure on the oil and gas industry's stance on climate change, the members of the Oil and Gas Climate Initiative (OGCI) have agreed to reduce the average carbon intensity of their aggregated upstream operations to ~20-21 kg of CO2e/boe by 2025. The OGCI includes BP, Chevron, Exxon and various other Oil & Gas giants which together account for over 30% of the world’s oil and gas production.

Chevron plans job cuts of 6000 employees globally
May 28, 2020
Source: Reuters

Chevron plans job cuts of 6000 employees globally

San Ramon oil and gas giant Chevron Corp. will lay off up to 15% of its 45,000-person global workforce amid the economic havoc wrought on the energy sector by the coronavirus. The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil.

Oilfield in Kazakhstan reports 160 COVID-19 cases, 12000 evacuated
May 11, 2020

Oilfield in Kazakhstan reports 160 COVID-19 cases, 12000 evacuated

The number of COVID-19 cases rose to 160 in the Tengiz Oilfield in West Kazakhstan’s Atyrau region, while nearly 12,000 employees have been withdrawn from the site. The earliest cases occurred in a worker’s camp on the site, in April. Over 1,500 workers have been identified as close contacts, so far. Reportedly, a total of 17,000 employees will be demobilized by the end of next week.

Chevron posts $3.6 billion in profits for the first quarter
May 2, 2020
Source: Reuters

Chevron posts $3.6 billion in profits for the first quarter

Chevron Corp yesterday registered a 38% jump in profits for the quarter that ended March 31st, climbing on the back of asset sales. Unlike its competitors in the market, Chevron recorded $3.6 billion in profits, in comparison to $2.6 billion during the same period last year. Chevron gained from $1.6 billion in the asset sale, which came largely from the sale of oil and pipeline properties in Azerbaijan.

Chevron awards contract to Subsea 7 in US Gulf of Mexico
April 16, 2020

Chevron awards contract to Subsea 7 in US Gulf of Mexico

Sutton-based engineering, construction and services, Subsea 7 has landed a contract to deliver services to support Chevron's Anchor field operations, in the US Gulf of Mexico. The contract requires Subsea 7 to offer project management, engineering, procurement, construction and installation (EPCI) of subsea umbilicals, risers, and flowlines (SURF) components, flying leads, and jumpers. The Anchor oil and gas field is jointly owned by Chevron (62.86%) and Total (37.14%).

Chevron evaluates the potential of CO2 technologies
Feb. 7, 2020
Source: World Oil

Chevron evaluates the potential of CO2 technologies

Chevron Technology Ventures (CTV) is performing a pre-FEED study for the trial of carbon-capture technology in its operations. Together with Svante Inc, the company will evaluate the feasibility and design of a 10,000 ton per year carbon capture unit at its facilities in California. “At Chevron, we believe our industry is well-positioned to help commercialize carbon capture, utilization and storage technologies that will be essential for the energy transition”, said CTV.

Pertamina to Take Over Rokan Block
Jan. 4, 2020

Pertamina to Take Over Rokan Block

Indonesian hydrocarbon company, PT Pertamina has aimed to start drilling in Indonesia's Rokan oilfields in the third quarter of this year. It has planned to drill 20 wells minimum this year. The Indonesian government had decided in 2018 to hand over the operatorship of Pertamina over Rokan block as the contract with Chevron Corp ends in Aug'21.

Egypt permits oil exploration over Red Sea
Dec. 30, 2019

Egypt permits oil exploration over Red Sea

Chevron, Royal Dutch Shell and Mubadala received concession for exploration over the Red Sea area in an international tender on Sunday. Egypt awarded the first block to Chevron, the second block to Shell and third to both Shell and Mubadala. The total exploration will cover an area of around 10,000 square kilometers which is approximately 3860 square miles. The ministry has required a minimum investment of $326 million in the project.

Subsea 7 lands installation services contract from Chevron
Dec. 21, 2019

Subsea 7 lands installation services contract from Chevron

Subsea 7 has secured the subsea installation service contract from Chevron for the at the St. Malo field. The contract terms require Subsea 7 to provide project management, engineering, procurement, construction and installation services for the multiphase pump system at the field. The St. Malo field in Gulf of Mexico is a 14-mile water injection flowline system, which includes a Swagelining polymer lined flowline, and the water injection control system.

Puma Energy sells its Australia's fuel business to Chevron
Dec. 19, 2019

Puma Energy sells its Australia's fuel business to Chevron

Puma Energy has informed that it will sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million. Puma is the retail and midstream arm of Trafigura. The company has taken this decision amidst pressure to rebalance its books after a decade-long buying spree. "The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia", said Chevron.

Chevron expects the value of assets to reach $10 billion to $11 billion in Q4
Dec. 12, 2019

Chevron expects the value of assets to reach $10 billion to $11 billion in Q4

The second-largest US oil company, Chevron expects $10 billion-$11 billion charge in the fourth quarter. Following this, the company is also planning to sell some of its natural gas projects to prepare for long term low prices. "With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term", said the Chief Executive.

Ecopetrol subsidiary acquires Chevron’s stake in Carribean gas pumps
Nov. 27, 2019

Ecopetrol subsidiary acquires Chevron’s stake in Carribean gas pumps

Ecopetrol’s subsidiary, Hocol yesterday informed about agreeing to acquire Chevron's interest in two Caribbean gas production fields. The two production fields, Chuchupa and Ballena, will be now jointly owned by Ecopetrol (57% stakes), and Hocol (43% stakes). The operatorship of the fields will be transferred to Hocol. Government data in 2018 showed gas reserves in Colombia equivalent to 9.8 years of consumption.

Chevron kickstarts one of the largest carbon capture projects
Aug. 9, 2019
Source: Reuters

Chevron kickstarts one of the largest carbon capture projects

Chevron Corp yesterday informed about launching one of the world’s largest carbon capture and storage projects. The project involves infusing carbon dioxide into a deep reservoir under an island off Western Australia at Chevron’s Gorgon LNG project. Chevron said that approximately 3.4 to 4 million tonnes of CO2 will be buried every year after the facility reaches full capacity. Gases emitted from the Gorgon field contain at least 14% CO2.

Occidental concludes Anadarko’s acquisition
Aug. 9, 2019
Source: World Oil

Occidental concludes Anadarko’s acquisition

Occidental Petroleum yesterday concluded the $55 billion-acquisition of Anadarko Petroleum, with the assumption of Anadarko’s debt. Vicki Hollub, President and CEO at Occidental said, “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders”.

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