Chevron to Boost Production at St. Malo Field in the Gulf of Mexico
19 Septembre 2019 - 02:30PM
Business Wire
Brownfield Development Demonstrates Capital
Efficiency
Chevron Corporation (NYSE:CVX) today announced the sanction of a
waterflood project in the St. Malo field. This application of
enabling technology is expected to increase recovery and advance
Chevron’s strategy of maximizing the company’s existing resources
in the Gulf of Mexico.
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The newly sanctioned waterflood project
in the St. Malo field will advance Chevron’s strategy of maximizing
the company’s existing resources in the Gulf of Mexico. (Photo:
Business Wire)
“The St. Malo field is a world-class asset that is positioned
for highly economic brownfield development,” said Steve Green,
President of Chevron North America Exploration and Production.
“With our leading technology, experienced workforce and broad
portfolio, we're delivering value in the Gulf of Mexico.”
The waterflood project is Chevron’s first in the deepwater
Wilcox trend and is expected to contribute an estimated ultimate
recovery of more than 175 million barrels of oil equivalent. It
will include two new production wells, three new injector wells and
topsides injection equipment for the Jack/St. Malo floating
production unit, allowing us to extend the life of the field.
Located approximately 280 miles south of New Orleans, La., the
St. Malo field has an estimated remaining production life of 30
years.
Chevron, through its subsidiaries, Chevron U.S.A. Inc. and Union
Oil Company of California, holds a 51 percent working interest in
the St. Malo field, with co-owners MP Gulf of Mexico, LLC (25%)
(owned by Murphy Oil Corporation 80% and Petrobras America Inc.
20%), Equinor Gulf of Mexico LLC (21.5%), Exxon Mobil Corporation
(1.25%) and Eni Petroleum US LLC (1.25%).
Chevron Corporation is one of the world’s leading integrated
energy companies. Through its subsidiaries that conduct business
worldwide, the company is involved in virtually every facet of the
energy industry. Chevron explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells
petrochemicals and additives; generates power; and develops and
deploys technologies that enhance business value in every aspect of
the company’s operations. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
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NOTICE
This news release contains forward-looking statements relating
to Chevron’s operations that are based on management’s current
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statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices; changing refining,
marketing and chemicals margins; the company's ability to realize
anticipated cost savings and expenditure reductions; actions of
competitors or regulators; timing of exploration expenses; timing
of crude oil liftings; the competitiveness of alternate-energy
sources or product substitutes; technological developments; the
results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during extended periods of low prices for crude oil and natural
gas; the inability or failure of the company’s joint-venture
partners to fund their share of operations and development
activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats and terrorist acts, crude oil production quotas or other
actions that might be imposed by the Organization of Petroleum
Exporting Countries and other producing countries, or other natural
or human causes beyond the company’s control; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes required by existing or future
environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory
measures to limit or reduce greenhouse gas emissions; the potential
liability resulting from pending or future litigation; the
company’s future acquisitions or dispositions of assets or shares
or the delay or failure of such transactions to close based on
required closing conditions; the potential for gains and losses
from asset dispositions or impairments; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; the company's ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 21 of the company’s 2018 Annual Report
on Form 10-K and in subsequent filings with the U.S. Securities and
Exchange Commission. Other unpredictable or unknown factors not
discussed in this news release could also have material adverse
effects on forward-looking statements.
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Contact: Veronica Flores-Paniagua -- +1-713-372-0063
Chevron (NYSE:CVX)
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