Chevron on target for production goals in 2017 and beyond

Chevron Corp. is on schedule to deliver its 2017 production target of 3.3 million boe/d because 98% of its targeted production already is in design, construction, or production.

Speaking to analysts in New York on Mar. 12, Chevron Chairman and Chief Executive Officer John Watson said the company is “gaining momentum to deliver growth beyond 2017.”

George Kirkland, vice-chairman and upstream executive vice-president, noted ample investment opportunities and the ability to expand shale and tight reservoir operations, particularly in the Permian and Marcellus basins.

“Construction on our Australian LNG projects, Gorgon and Wheatstone, is progressing very well, with first LNG for Gorgon targeted for early 2015,” Kirkland said.

“Construction continues on the Jack, St. Malo, and Big Foot deepwater projects in the US Gulf of Mexico, both of which are scheduled for start-up in 2014," he added.

Chevron is the operator of the Jack, St. Malo development and has a 50% interest in Jack (Walker Ridge Blocks 714, 715, 758, 759, and a portion of 802 and 803) and a 51% interest in St. Malo (Walker Ridge Blocks 673, 674, 677, and 678).

The combined fields may contain more than 500 million bbl of potentially recoverable oil, according to Chevron.

The fields will produce from Lower Tertiary reservoirs that are at a depth of 26,500 ft (OGJ Online, Sept. 7, 2010).

Jay Johnson, president, Chevron Europe, Eurasia, and Middle East exploration and production, said growth opportunities include multiple frontier exploration plays and developing existing resources, notably Tengiz operations in Kazakhstan, Wafra steamflood operations in the Partitioned Zone, and LNG projects in Australia and Canada.

Pat Yarrington, vice-president and chief financial officer, said operating cash flows are expected to grow significantly in the next 5 years as production comes on stream.

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