Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus
The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that the OML 55 operations were stopped in 2021 because of rampant thefts from the delivery line leading to Bonny. The company claims that the block has five oilfields, which produce 14,000 barrels of crude oil per day. It also produces more than 70 millions standard cubic feet per day.
Investors flock to US dividend ETFs after Fed rate cut
Since the Federal Reserve began its rate-cutting cycle last month, U.S. ETFs that invest in dividend paying stocks have seen a surge of inflows. However, a rise in U.S. Treasury rates could slow down the inflow of funds. Morningstar's group of 135 U.S. Dividend ETFs tracked in September brought in $3.05 Billion, the same month that the Fed cut rates by 50 basis point, its first decrease since 2020. This compares with average monthly inflows in 2024 of $424 millions. Investors are looking for income-generating products to offset the expected decline in yields as the Fed cuts interest rates. Nick Kalivas is the head of equity ETF and factor strategy at Invesco.
Chevron Awards Worley Global Services Agreement
Worley and Chevron Corporation (Chevron) entered into a global master services agreement covering Chevron’s upstream, midstream, and downstream business needs. The agreement can be used by Chevron’s business units including those involved in onshore and offshore assets as well as during project development.Under the agreement, Worley will provide engineering and project-related services. This includes working with Chevron’s digital enablement specialists to optimize ways of working and improve efficiencies.The services will be executed by Worley’s global offices with support from its Global Integrated Delivery (GID) team in India.
Global FPSO Market to Hit USD30Bln by 2025.
The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation, environmental conditions and decommissioning associated with fixed infrastructures will further shift the industry focus toward the utilization of these vessels as an alternative…
Chevron, Occidental Invest in CO2 Removal Technology
Canada-based Carbon Engineering said on Wednesday it had received investment from a subsidiary of Occidental Petroleum Corp. and the venture capital arm of Chevron Corp.
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. He will also oversee Chevron’s Environmental Management Company, which manages environmental remediation and abandonment liabilities.
Chevron Starts LNG Output at Wheatstone Project
Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “First LNG production is a significant milestone and is a credit to our partners, contractors and the many thousands of people who collaborated to deliver this legacy asset,” said Chevron Chairman and CEO John Watson. At full capacity, the Wheatstone Project’s two train LNG facility will supply 8.9 million metric tons per year of LNG for export to customers in Asia.
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.
Rigmarine Diversifies in Kazakhstan
Rigmarine has highlighted synergies between inland and offshore industries as the lifting and marine product specialist looks to meet increasing demand from the mining and power industries via its Aktau, Kazakhstan facility. Rigmarine has four global locations—others are in Baku, Azerbaijan; Sharjah, UAE; and Aberdeen, Scotland—all strategically positioned to serve offshore oil and gas, renewables, construction, break bulk, shipping and marine industries. However, the economic climate in Kazakhstan, in particular, lends itself to diversification.
Chevron Names Wirth Vice Chairman
Chevron Corporation said today that Michael K. Wirth, executive vice president of Midstream and Development, has been named vice chairman, effective February 1, 2017. “As a senior officer of Chevron, Mike has made significant contributions to the company’s success,” said John S. Watson, Chevron’s chairman and chief executive officer. In assuming his new role, Wirth will join the company’s Board of Directors and add Policy, Government & Public Affairs to his existing portfolio of responsibilities. Currently, Wirth oversees Midstream and Development…
Chevron Sells Geothermal Operations
Chevron Corporation (NYSE:CVX) announced that its wholly-owned subsidiaries have entered into a sales and purchase agreement with Star Energy Consortium to sell Chevron's Indonesian and Philippines Geothermal assets. "These assets deliver reliable energy to support the needs of Asia-Pacific's growing economies," said Jay Johnson, executive vice president, Upstream, Chevron Corporation. In Indonesia, Chevron subsidiaries operate the Darajat and Salak geothermal fields in West Java. In the Philippines, company subsidiaries have a 40 percent equity interest in the Philippine Geothermal Production Company…
Chevron Unveils 2017 Investment Plan
Chevron Corporation today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures. "Our spending for 2017 targets shorter-cycle time, high-return investments and completing major projects under construction. In fact, over 70 percent of our planned upstream investment program is expected to generate production within two years," said Chairman and CEO John Watson. "This is the fourth consecutive year of spending reductions. Construction is nearing completion on several major capital projects, which are now online or expected to come online in the next few quarters.
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. In his new role, Neff will report to Jay Johnson, Chevron's executive vice president, Upstream.
Keppel FELS Delivers Accommodation Unit to Floatel
Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered Floatel Triumph, a fifth high-specification accommodation semisubmersible (semi), to Floatel International Ltd (Floatel). The semi, which is built to Keppel's proprietary SSAUTM5000NG design, will be chartered by Chevron Corporation for work in the Wheatstone field in Western Australia. Floatel Triumph is scheduled to arrive on location in mid-October 2016. Thereafter, it will work for INPEX Operations Australia in Ichthys Field, off Western Australia. Mr Chris Ong…
Chevron Names Morris VP of Human Resources
Chevron Corporation has named Rhonda J. Morris corporate vice president of Human Resources, effective October 1, 2016. Morris is currently vice president of Human Resources for Chevron's Downstream & Chemicals business. In her new role, Morris will oversee Chevron's Human Resources, Diversity and Ombuds, and Medical and Health Services groups. She will report to Chevron's corporate vice president of Human Resources and Corporate Services, Joe Laymon, who will continue to oversee Chevron Business and Real Estate Services, Global Security and Aviation until his planned retirement in late 2017. Morris joined Chevron in 1991 in the Corporate Human Resources Development Program.
Moyo, Austin Join Chevron Board
Chevron Corporation announced that Dr. Dambisa Moyo and Dr. Wanda Austin have been elected to Chevron's board of directors. Dr. Moyo's appointment is effective October 11, 2016; she will serve on the company's Audit Committee. Dr. Austin's appointment is effective December 1, 2016; she will serve on the company's Board Nominating and Governance Committee and Public Policy Committee. "Dr. Moyo and Dr. Austin bring unique insights that will be valuable to the board," said John Watson, Chevron's chairman of the board and chief executive officer. "Dr. Moyo has significant knowledge of macroeconomics, geopolitics and global markets. Dr.
Chevron, JOVO Agree on LNG Supply Terms
Chevron Corporation announced that its wholly-owned subsidiary, Chevron U.S.A. Inc., has signed a Key Terms Agreement with Singapore Carbon Hydrogen Energy Pte. Ltd., a subsidiary of JOVO, for the delivery of liquefied natural gas (LNG) from Chevron’s global supply portfolio. When the LNG Sale and Purchase Agreement is finalized, JOVO is expected to receive up to 0.5 million metric tons per annum of LNG over five years, with the first delivery expected to arrive in 2018. “This agreement is another important step in the commercialization of Chevron’s natural gas holdings,” said Mike Wirth, executive vice president, Chevron Midstream and Development.
Richards Takes over for Bennett as Chevron VP
Chevron Corporation today announced that Randolph S. Richards has been named corporate vice president and treasurer, effective May 1, 2016. Richards replaces Paul V. Bennett, who is retiring from the position after 36 years of service with the company. "Paul has demonstrated a tremendous capability to both assess and manage risk, and has played an important role in helping to guide our financing strategies for the last several years," said Patricia E. Yarrington, Chevron's chief financial officer. Richards is currently vice president of Finance for Upstream.
Chevron Ships First LNG From Gorgon Project
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. "Departure of the first cargo from the Gorgon Project is a key milestone in our commitment to be a reliable LNG provider for customers across the Asia-Pacific region…
Chevron names Nelson VP Strategic Planning
Chevron Corporation named Mark A. Nelson corporate vice president of Strategic Planning, effective April 1, 2016. “Mark is a proven leader whose breadth of international, corporate and operating experience will serve Chevron well as we actively shape the company for continued long-term success,” said John S. Watson, Chevron’s chairman and chief executive officer. Nelson, currently president of International Products, replaces Joseph M. Naylor who was appointed vice president of Policy, Government & Public Affairs in February. In his new role, Nelson…
