Chevron 2004 Annual Report Download - page 24

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UPSTREAM
OTHER
At the end of 2004, worldwide net proved oil
and natural gas reserves for consolidated opera-
tions were 8.2 billion barrels of oil-equivalent
and for affiliate operations 3.1 billion barrels
of oil-equivalent. For the year, net production
averaged 2.5 million barrels per day of oil-equiva-
lent. Major producing areas include Angola,
Indonesia, Kazakhstan, Nigeria, the Partitioned
Neutral Zone, the United Kingdom and the
United States. Major exploration areas include
Angola, Nigeria, the U.S. Gulf of Mexico, Ven-
ezuela, and the offshore area between Angola
and the Republic of Congo.
ChevronTexaco holds vast natural gas resources
in some of the world’s most prolific basins,
including Australia where it is the largest lease-
holder of undeveloped natural gas resources.
Plans are under way to commercialize these
resources through liquefied natural gas (LNG)
and gas-to-liquids (GTL) technologies. Major
LNG projects are under way to supply markets
in North America and Asia. Through our Sasol
Chevron joint venture, we are pursuing GTL
projects in Nigeria, Qatar and Australia. Our
natural gas business also includes pipeline,
shipping, natural gas marketing and trading,
and power generation.
ChevronTexaco Corporation celebrated its 125th anniversary in 2004. Since its founding, it has grown to be one of the world’s
largest integrated energy companies. We have more than 47,000 employees and a presence in approximately 180 countries.
We are involved in virtually every aspect of the energy industry – from crude oil and natural gas exploration and production to
the refining, marketing and transportation of petroleum products. We also have interests in petrochemicals and power genera-
tion assets and are working to develop and commercialize future energy technologies.
CHEVRONTEXACO AT A GLANCE
> Clockwise from top right: Caltex station, Singapore; Hawaii
Refinery, Oahu; San Diego, California, terminal; environmental
laboratory, Richmond, California, refinery.
> Clockwise from top right opposite page: Tengizchevroil
second generation/sour gas injection project, Kazakhstan;
ChevronTexaco Colorado Voyager; Singapore trading floor;
North West Shelf Venture, Australia; Bohai Bay, China.