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Researched by Industrial Info Resources (Sugar Land, Texas)--Chevron Corporation (NYSE:CVX) (San Ramon, California) recently announced that it will spend $20 billion on its capital and exploratory budget in 2019. Chevron expects to spend $19.8 billion this year. The 2019 budget marks the first spending increase for Chevron since 2014, when oil prices took a major downturn. Industrial Info is tracking more than $60 billion in active Chevron projects.
Click on the image at right for a breakdown by world region of active Chevron projects.
Among the areas that Chevron will be focusing on is the Permian Basin, where it has allocated $3.6 billion, and its oil and natural gas project in Kazakhstan, where it has allocated $4.3 billion. Industrial Info estimates Chevron will spend more than $36 billion on its Tengiz project in Kazakhstan by the time it is complete. The company kicked off construction of a $27.1 billion oil and gas processing plant at the site earlier this year, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing engineering, procurement and construction. The plant will be able to process 260,000 barrels per day (BBL/d) of crude oil and 960 million cubic feet per day of natural gas. The plant is expected to be completed in the second half of 2022. Chevron also commenced a drilling program in the region this year. For more information, see Industrial Info's project reports on the processing plant, the drilling program and the reinjection wells drilling program.
Among Chevron's other major projects is the Gorgon liquefied natural gas (LNG) development in Western Australia, off the coast of Barrow Island. Early next year, Chevron, along with joint venture partners Exxon Mobil Corporation (NYSE:XOM) (Irving), Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands) and others, will kick off a $2.9 billion Stage II subsea development of the project. The project entails installing a new feed gas pipeline system and monoethylene glycol pipeline as well as subsea production wells and infrastructure. For more information, see Industrial Info's project report. Chevron and its partners also intend to kick off a new drilling campaign in the region in early 2019 that will include drilling 12 new natural gas wells. For more information, see Industrial Info's project report.
While most of Chevron's 2019 budget is designated for its upstream programs, $2.5 billion has been allocated for downstream initiatives. Next year in Utah, Chevron plans to kick off major upgrade projects at its refinery in North Salt Lake. The 13,000-BBL/d fluid catalytic cracking unit (FCCU) will be upgraded by replacing four worn reactor cyclones. The 20,000-BBL/d vacuum gasoil hydrotreater will be upgraded in order to comply with Tier 3 gasoline specifications, which lower the amount of sulfur in gasoline from 30 parts per million (ppm) to 10 ppm. The projects are expected to kick off early next year in conjunction with a planned maintenance turnaround. For more information, see Industrial Info's project reports on the FCCU upgrade, the hydrotreater upgrade and the first-quarter FCCU maintenance turnaround and the hydrotreater turnaround.
Among Chevron's other major projects that could begin in 2019 is the development of a floating natural gas production facility offshore Indonesia. The project has an estimated total investment value of $1.76 billion. The project would deliver 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate. Construction could begin late next year, with completion in early 2022. For more information, see Industrial Info's project reports on the gas production unit, the production platform and the offshore export pipeline.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Click on the image at right for a breakdown by world region of active Chevron projects.Among the areas that Chevron will be focusing on is the Permian Basin, where it has allocated $3.6 billion, and its oil and natural gas project in Kazakhstan, where it has allocated $4.3 billion. Industrial Info estimates Chevron will spend more than $36 billion on its Tengiz project in Kazakhstan by the time it is complete. The company kicked off construction of a $27.1 billion oil and gas processing plant at the site earlier this year, with Fluor Corporation (NYSE:FLR) (Irving, Texas) providing engineering, procurement and construction. The plant will be able to process 260,000 barrels per day (BBL/d) of crude oil and 960 million cubic feet per day of natural gas. The plant is expected to be completed in the second half of 2022. Chevron also commenced a drilling program in the region this year. For more information, see Industrial Info's project reports on the processing plant, the drilling program and the reinjection wells drilling program.
Among Chevron's other major projects is the Gorgon liquefied natural gas (LNG) development in Western Australia, off the coast of Barrow Island. Early next year, Chevron, along with joint venture partners Exxon Mobil Corporation (NYSE:XOM) (Irving), Royal Dutch Shell (NYSE:RDS-A) (The Hague, Netherlands) and others, will kick off a $2.9 billion Stage II subsea development of the project. The project entails installing a new feed gas pipeline system and monoethylene glycol pipeline as well as subsea production wells and infrastructure. For more information, see Industrial Info's project report. Chevron and its partners also intend to kick off a new drilling campaign in the region in early 2019 that will include drilling 12 new natural gas wells. For more information, see Industrial Info's project report.
While most of Chevron's 2019 budget is designated for its upstream programs, $2.5 billion has been allocated for downstream initiatives. Next year in Utah, Chevron plans to kick off major upgrade projects at its refinery in North Salt Lake. The 13,000-BBL/d fluid catalytic cracking unit (FCCU) will be upgraded by replacing four worn reactor cyclones. The 20,000-BBL/d vacuum gasoil hydrotreater will be upgraded in order to comply with Tier 3 gasoline specifications, which lower the amount of sulfur in gasoline from 30 parts per million (ppm) to 10 ppm. The projects are expected to kick off early next year in conjunction with a planned maintenance turnaround. For more information, see Industrial Info's project reports on the FCCU upgrade, the hydrotreater upgrade and the first-quarter FCCU maintenance turnaround and the hydrotreater turnaround.
Among Chevron's other major projects that could begin in 2019 is the development of a floating natural gas production facility offshore Indonesia. The project has an estimated total investment value of $1.76 billion. The project would deliver 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate. Construction could begin late next year, with completion in early 2022. For more information, see Industrial Info's project reports on the gas production unit, the production platform and the offshore export pipeline.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
