Chevron 2006 Annual Report Download - page 11

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EMERGING ENERGY EFFICIENT ENERGY HUMAN ENERGY
Unconventional
energy
Unconventional hydrocarbons — extra-heavy oil, oil sands and oil
shale — account for the majority of the world’s existing hydrocarbon
resources. They are lower in value than conventional crude oils
because they are diffi cult and costly to produce and refi ne. Over the
past 50 years, Chevron has built a broad capability in refi ning heavy
oil and converting it, economically and effi ciently, into light, high-
value products. Now we are integrating our downstream refi ning
technologies into our upstream operations to develop extra-heavy
oil and oil sands, and we are working with others to advance tech-
nology to unlock the potential of oil shale.
Chevron is the world’s largest
private producer of geother-
mal energy. We are capturing
steam produced from subter-
ranean volcanic activity to
help meet the growing electric-
ity needs of Indonesia and the
Philippines. A renewable energy
source, geothermal is clean,
reliable and economic.
2006 MILESTONES
– Approved a net additional $2 billion
investment to expand oil sands
mining and upgrading facilities for
Canada’s Athabasca oil sands;
acquired new leases in the area
– Established a partnership with the
Los Alamos National Laboratory
in New Mexico to develop an environ-
mentally responsible and commer-
cially viable process to recover shale
oil “in situ,” or in place underground
< TURNING HEAVY OIL INTO LIGHT PRODUCTS (PHOTO LEFT): Chevron’s Pascagoula,
Mississippi, refi nery can process a full slate of crude oils, turning even the heaviest, asphaltlike crude
oils into gasoline and other light, high-value products. Integrated oil companies, such as Chevron,
that can access extra-heavy crudes and economically refi ne them into high-demand products have a
competitive advantage in today’s marketplace.
THE POWER OF GEOTHERMAL
9