Tuesday, April 24, 2018

Chevron News

Chevron Greenlights Gorgon LNG Expansion

(File photo: Chevron)

Chevron Corp will proceed with the second stage of its giant Gorgon liquefied natural gas (LNG) export plant off the northwest coast of Western Australia, the company said on Saturday.Chevron and its joint venture partners plan to sink 11 new wells in the Gorgon and Jansz-Io fields and build offshore pipelines and subsea structures to pipe the gas to the nearby 15.6 million tonne a year LNG plant on Barrow Island.The $54 billion Gorgon project came on stream in March 2016 but suffered numerous unplanned shutdowns in its early stages.Chevron declined to put a cost on stage two of the project…

Venezuela Arrests Two Chevron Execs

Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half-dozen sources with knowledge of the detentions told Reuters.Venezuela's Information Ministry and state oil company PDVSA did not respond to a request for information about the detentions…

Payne Named Chevron HS&E VP

Chevron Corporation named David Payne corporate vice president of Health, Environment and Safety, effective May 1, 2018. Payne is currently vice president of Chevron’s Drilling and Completions organization. He succeeds Wes Lohec who has elected to retire from Chevron after 37 years of distinguished service on June 1, 2018. In his new role, Payne, 58, will be responsible for leading Chevron’s Health, Environment and Safety function, including strategic planning and issues management, compliance assurance, and emergency response.

Total Snaps up GoM Assets

French oil major Total said it had bought several assets in the Gulf of Mexico for around $300 million, as part of the Cobalt International Energy company’s bankruptcy auction sale. Total said it was buying a 20 percent stake in the North Platte asset. Following this move, Total will have a 60 percent overall stake in North Platte, with Statoil holding the remaining 40 percent. Total also bought a further 20 percent stake in the Anchor discovery, increasing its overall holding in that asset - which is operated by Chevron - to 32.5 percent.

Court rejects bid to enforce Ecuador judgment on Chevron Canada

Courtesy Chevron Canada

A Toronto court has rejected a bid by Ecuadorian villagers to enforce a judgment in their home country against Chevron Canada Ltd, ruling the subsidiary is not liable for parent Chevron Corp, the U.S. oil major said on Friday. A Canadian lawyer for the villagers in the environment-damage lawsuit said the ruling is "not a modern-day view," and that an appeal will be filed. Residents of Ecuador's Lago Agrio region have been trying to force Chevron to pay for water and soil contamination caused from 1964 to 1992 by Texaco, which Chevron acquired in 2001.

Faststream Wins Chevron Recruitment Contract

Mark Charman (Photo courtesy of Faststream)

Maritime, offshore and oil and gas recruitment group Faststream has been awarded a two-year supplier agreement by Chevron Products UK Limited. The agreement will see Faststream supply permanent recruitment services to Chevron in the U.K. and Europe within four of its operating companies covering gas and midstream, downstream and chemicals, technology, products and services and corporate/business services. Faststream noted it has been a preferred supplier to Chevron Products UK Limited for the past three years within these disciplines and has supported other specialist areas of Chevron globally.

Caterpillar CEO Joins Chevron Board

Jim Umpleby (Photo: Caterpillar)

U.S. oil and gas producer Chevron Corp named Caterpillar Inc Chief Executive Jim Umpleby to its board of directors on Thursday, replacing the recently retired John Watson. Umpleby, who has led Caterpillar since January 2017, will join Chevron's board on March 1, bringing Chevron's board to 12 members. He will serve on the board nominating and governance committees, Chevron said in a statement. Umpleby doesn't serve on any other corporate boards besides Caterpillar's. John Watson retired on Wednesday as chairman of Chevron's board and chief executive.

Chevron Restaffs GoM Platforms

Chevron Corp said on Monday it has sent staff back to U.S. Gulf of Mexico platforms that were shuttered ahead of Hurricane Nate, but would not speculate on when operations would return to normal.   The shutdowns ahead of the storm took more than 120,000 barrels of oil per day of Chevron's production offline.   Chevron also said its pipeline subsidiary, Chevron Pipe Line Co, has re-opened its Whitecap pipeline and Fourchon and Empire terminals to receive and ship crude.   Reporting by Ernest Scheyder 

Chevron - First Gas from Bangladesh Bibiyana Project

Chevron Corporation today announced that its Bangladesh subsidiary has commenced natural gas production from the Bibiyana Expansion Project in the northeastern part of the country. The project included an expansion of the existing gas plant to process increased natural gas volumes from the Bibiyana Field, additional development wells and an enhanced gas liquids recovery unit. The project is expected to boost Chevron-operated natural gas production capacity in Bangladesh by more than 300 million cubic feet per day to 1.4 billion cubic feet per day.

Chevron Finds Oil in Deepwater US Gulf of Mexico

The Guadalupe well was drilled by Transocean's Discoverer India deepwater drillship. (Photo: Business Wire)

Chevron Corporation today announced a new oil discovery at the Guadalupe prospect in the deepwater U.S. Gulf of Mexico. The Keathley Canyon Block 10 Well No. 1 encountered significant oil pay in the Lower Tertiary Wilcox Sands, Chevron said. The well is located approximately 180 miles off the Louisiana coast in 3,992 feet of water and was drilled to a depth of 30,173 feet. "The discovery further demonstrates Chevron's exploration capabilities," said George Kirkland, vice chairman and executive vice president, Upstream, Chevron Corporation.

Chevron Ships First LNG From Gorgon Project

LNG shipment Courtesy Chevron

Chevron Corporation (NYSE: CVX) today announced that its first shipment of liquefied natural gas (LNG) from the Gorgon Project has departed Barrow Island off the northwest coast of Western Australia. The cargo will be delivered to one of Chevron's foundation buyers, Chubu Electric Power, for delivery into Japan. The Asia Excellence loading the first Gorgon liquefied natural gas (LNG) cargo for delivery into Japan. The first cargo highlights the company's growing leadership as an LNG supplier.

Neff Succeeds Moshiri at Chevron

Chevron Corporation has named Clay Neff president of Chevron Africa and Latin America Exploration and Production, effective January 1, 2017. Neff, 54, succeeds Ali Moshiri, who will retire from Chevron after 38 years of distinguished service, effective April 1, 2017, consistent with the company's mandatory retirement policy. Neff, who is currently managing director of Chevron's Nigeria Mid-Africa Business Unit, will oversee Chevron's exploration and production activities in 15 countries across Africa and Latin America.

Chevron Concludes Sale of Geothermal Operations in Indonesia

Chevron Corporation said its wholly-owned subsidiaries have completed the sale of Chevron's geothermal business in Indonesia to Star Energy Consortium. Chevron received the cash proceeds upon settlement on March 31, and will reflect the gain in first quarter 2017 results. The conclusion of the sale of Chevron's geothermal business in the Philippines is expected later in 2017.

Chevron Confirms Sale of Its South African Assets to Sinopec

Chevron Global Energy confirmed on Wednesday that it had signed a sales and purchase agreement with a wholly-owned subsidiary of China's Sinopec for Chevron's assets in South Africa and Botswana.   Chevron said in a statement the deal hinged on regulatory approval. Sinopec said earlier on Wednesday it has agreed to pay almost $1 billion for a 75 percent in Chevron's South Africa assets and unit in neighbour Botswana, securing its first refinery on the continent. (Reporting by Wendell Roelf; Editing by James Macharia)

South China Sea Energy Exploration by Chevron

Chevron Corporation's China subsidiary signs production sharing contracts for exploration blocks in the Pearl River Estuary, South China Sea. Chevron's agreement is with China National Offshore Oil Corporation (CNOOC). Under the PSC agreements, Chevron China Energy Company will hold a 100 percent interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the exploration phase Chevron China Energy Company will be the operator of the two shallow water blocks, which in total cover an area of approximately 2,233 square miles (5,782 square km).

Chevron Reaches Settlements With DeLeon

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Chevron Corporation has reached a settlement agreement with James Russell DeLeon, the principal funder of the fraudulent lawsuit against Chevron in Ecuador. Chevron brought claims against DeLeon in Gibraltar, where DeLeon maintains a residence, for his role in funding and advancing the fraudulent lawsuit. In the settlement, DeLeon has resolved those claims by withdrawing financial support from the Ecuador litigation and assigning his interests in the litigation to Chevron. Chevron, in turn, has agreed to release all claims against DeLeon.

Chevron, SK LNG Trading Ink Deal for LNG Supply

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Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA, SK LNG Trading, which is part of a leading industrial conglomerate in South Korea, will receive 4.15 million tons of LNG over a five-year period starting in 2017. During the time of this agreement, over 75 percent of Chevron’s equity LNG from Gorgon will be committed to customers in Asia. “This agreement is an important step in the commercialization of Chevron’s significant natural gas holdings in Australia…

Chevron Sells Caltex Australia Stake

Michael Wirth, Executive Vice President, Downstream and Chemicals

Chevron Corporation’s wholly owned subsidiary Chevron Global Energy Inc. today announced that it has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia Limited (CAL). It is expected that these shares will be sold to a broad range of Australian and global equity market institutional investors. "This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment…

Chevron’s Pascagoula Refinery Starts Production

Chevron Corporation subsidiary Chevron U.S.A. Inc. announced that it has begun commercial production of premium base oils from a newly constructed manufacturing facility at the company's Pascagoula refinery. Base oils produced at Pascagoula will add to capacity from the company's refinery in Richmond, California and a joint venture facility in Yeosu, Korea, approximately doubling Chevron's production capacity and positioning it to be the world's largest producer of premium base oil.

Gibraltar Court Awards Chevron $28 Mln in Damages

Chevron Corp won $28 million in damages after Gibraltar's highest court ruled against a company that was set up to receive and distribute funds resulting from a judgment against Chevron in Ecuador. Gibraltar-based Amazonia Recovery Ltd was set up by Steven Donziger, a U.S. lawyer who represented a group of Ecuadorians that sued the oil giant. Chevron is contesting a $9.5 billion judgment from the suit in Ecuador. It is also suing Donziger and others in federal court in Manhattan, claiming the judgment was the product of a fraud.