Chevron Bets Big On Supergiant Oil Field
Chevron announced last week its capital and exploratory budget for 2019, which sees the first annual increase in spending since the 2014 oil price crash. While most of the investment is geared toward short-cycle projects that could start bringing in cash flows within two years, the U.S. supermajor continues to channel a significant portion …
Chevron Boosts Spending 9% with Focus on Permian, Kazakhstan
Chevron said Thursday it will hike its 2019 capital spending by 9 percent up to $20 billion with major focuses on West Texas’ booming Permian Basin and the massive Tengiz oil field in Kazakhstan. The spending increase comes despite oil prices falling by more than 30 percent since early October …
Chevron to Quit Caspian Field
US major Chevron has told Azeri state-run Socar and PB, operator of the Azeri-Chirag-Guneshli block, that it plans to leave this project in order to focus on its other businesses, an Azerbaijan government source told NGW December 5. Reuters cited industrial sources December 4, who said that both Chevron and Exxon Mobil are seeking to sell …
TCO Reaches Record-High Oil Production in 2017, Seeks to Expand in 2018
ASTANA – Last year was a milestone for Tengizchevroil (TCO), the Chevron-led joint venture operating the Tengiz oil and gas field in Atyrau region, as the company achieved a record-high 28.7 million tonnes in oil production. TCO General Director Ted Etchison reported the 2017 results and plans for 2018 during a …
Nazarbayev Discusses Energy Projects with Royal Dutch Shell, Chevron Management
Kazakh President Nursultan Nazarbayev recently discussed the status of energy projects in Kazakhstan, including the Karachaganak and Kashagan fields, with Chief Executive Director of the Royal Dutch Shell Ben van Berden and Chairman of the Board of Directors and Chief Executive Officer of Chevron John Watson. Van Buren noted that …
The Azerbaijan government and co-venturers sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA
This press release is issued jointly by SOCAR and the co-venturers in the ACG PSA in Azerbaijan, including BP The Azerbaijan government and the State Oil Company of the Republic of Azerbaijan (SOCAR), together with BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh today signed the amended and …
Kazakh Tengiz Oilfield Suspends Operations After Toxic Substance Release
Kazakhstan’s energy ministry said on Tuesday that Tengizchevroil project has suspended operations at Tengiz oilfield after a toxic substance was released, while workers were evacuated. Chevron, ExxonMobil, Lukoil <LKOH.MM and KazMunayGas are partners in the venture, the Central Asian nation’s biggest oil producer. (Reporting by Alla Afanasyeva; writing by Vladimir …
Weatherford: Announces Successful Inaugural Runs of the HeatWave™ Extreme (HEX) Triple-Combo LWD for Chevron.
Weatherford International plc (NYSE: WFT) and Chevron Thailand Exploration and Production, Ltd., a subsidiary of Chevron Weatherford Corporation, today announced the successful inaugural runs of the HeatWave™ Extreme (HEX) triple-combo logging-while-drilling (LWD) tool string. The first run was completed on September 6, 2016, on a well in the Gulf of …
Tengizchevroil: Looking For $37bn of Finance for Planed Tengiz Extension
Tengizchevroil, a Chevron-led joint venture and Kazakhstan’s No.1 oil producer, may take out loans and issue bonds to finance its $37 billion plan to expand production, an official at state oil firm KazMunayGaz said on Thursday. KazMunayGaz also holds a stake in Tengizchevroil. “There are different scenarios, but we think …
SPE Annual Caspian Technical Conference and Exhibition: High Level Panel Target Hot Topics
This year’s SPE Annual Caspian Technical Conference and Exhibition—taking place 4–6 November in Baku, Azerbaijan—will feature three high-level panel sessions addressing the most topical trends, challenges and opportunities facing the oil and gas industry in the Caspian. The three panel sessions have the confirmed participation of some of the region’s …