The centerpiece of Chevron’s production plans for the future are the Australian natural gas projects, Gorgon and Wheatstone, the company’s George Kirkland said at today’s annual shareholder meeting.
The $37 billion Gorgon project is expected to produce first liquid natural gas in 2014. It will be the largest carbon dioxide injection project in the world, Kirkland said. Wheatstone is in the front-end engineering and design state and final investment decision is expected to be reached in 2011.
Kirkland also said 10 more capital projects, costing $1 billion each, are planned to start producing from 2010 to 2012. And seven multibillion dollar startups in countries including Angola, Thailand, China and Nigeria, are planned for 2011 and 2012.
The growth in production, Kirkland says, shows the strength of the company’s portfolio.
At the same time, like many other oil giants, Chevron is scaling back its downstream operations.
So far, the company has left some 60 downstream markets so far and expects to leave 50 more markets over the next few years, Kirkland said noting that the scale back is an improvement to address market conditions.
Chevron plans to have downstream operations in fewer than 40 countries and will focus primarily on North America and Asia.