Monday, November 20, 2017

Chevron News

Gorgon LNG Export Plant Shuts Third Unit for Maintenance

Chevron's Gorgon liquefied natural gas (LNG) export facility in Australia shut down its third production unit on Wednesday for a planned maintenance lasting up to Dec. 25, trade sources said. Chevron declined to comment on operational matters. Several traders said the plant would resume output on Dec. 25 but some sources said the maintenance period could vary, with a potential return after one week. Work seeks to help address what is expected to be a long-term issue related to the plant's heat-exchangers, limiting the project's productive capacity.

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.

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).

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.

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 - 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.

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 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.

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…

Tubular Bells Development Produces First Oil

The Tubular Bells floating production facility is a classic spar hull with traditional three-level topsides. (Photo Hess)

Chevron Corporation announced that the Hess Corporation-operated Tubular Bells deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located 135 miles (217 km) southeast of New Orleans, in approximately 4,300 feet (1,310 m) of water in the Mississippi Canyon area. The discovery well was drilled in 2003, and project construction began in October 2011. Tubular Bells is expected to deliver total production of approximately 50,000 barrels of oil-equivalent per day producing from three wells.

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.

Chevron Adjusted Profit Misses Expectations

Oil and gas producer Chevron Corp on Friday posted an adjusted profit that fell short of Wall Street's expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Like many of its peers, Chevron slashed spending during the quarter in response to low crude prices, but the reductions were not as dramatic as analysts would have liked. Chevron's stock fell 1 percent to $101.50 in premarket Friday trading. John Watson, Chevron's chief executive, said the focus of the San Ramon…

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.

Chevron, China Huadian Sign LNG Supply Deal

The Asia Energy is one of Chevron's new liquefied natural gas (LNG) carriers constructed to support the company's growing LNG operations. (Photo Business Wire

Chevron Corporation's wholly-owned subsidiary, Chevron U.S.A. Inc., has today signed a non-binding liquefied natural gas (LNG) supply Heads of Agreement (HOA) with China Huadian Green Energy Co., Ltd. When the agreement is finalized, China Huadian Green Energy is expected to receive up to 1 million metric tons per annum (MTPA) of LNG over 10 years starting in 2020. "This is an important step in the commercialization of Chevron's natural gas holdings in Australia and the establishment of our global liquefied natural gas portfolio…

Green Appointed President, Chevron Asia Pacific E&P

Stephen W. Green president of Chevron Asia Pacific Exploration and Production Photo US Energy Association

Chevron Corporation (NYSE:CVX) today named Stephen W. Green president of Chevron Asia Pacific Exploration and Production effective April 1, 2016. Green, 58, succeeds Melody B. Meyer who is retiring from Chevron after 37 years of distinguished service to pursue other opportunities, effective June 1. Green, who is currently corporate vice president of Policy, Government and Public Affairs, will oversee Chevron's exploration and production activities in nine countries across the Asia-Pacific region - a region with which he is very familiar.

Another Key Funder of Fraudulent lawsuit Against Chevron Withdraws Support

Chevron

Chevron Corporation has reached a settlement agreement with Woodsford Litigation Funding Limited, a U.K.-based litigation funder that provided $2.5 million in funding to the fraudulent lawsuit against Chevron in Ecuador. Chevron brought conspiracy claims against Woodsford in Gibraltar for the company’s role in funding and advancing the fraudulent lawsuit. In the settlement Woodsford has resolved those claims by withdrawing all financial support related to the Ecuador litigation and assigning all of its interest in the litigation to Chevron.

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)

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.