1985 the oil field discovered in the pearl river mouth basin was put into production on 1990. The oilfield is operated by CACT Operator Group. CACT operator group consists of China Offshore Oil Company, Chevron Company of the United States, Agip Company of Italy and Texaco Company of the United States. After this historic discovery, they began to develop three oil fields in this area. Chevron and its CACT partners continue to explore and control the Pearl River Mouth Basin, and announced the discovery of new oil fields with abundant reserves in Huizhou area at 1996. The oil field is close to the existing production facilities. According to the latest 3D seismic survey results, Chevron started exploration and drilling, and completed the evaluation of the new oil field in 1997.
1In May 1996, Chevron signed a production sharing contract with China Offshore Oil Corporation to explore natural gas in the 2000 square kilometers of the South China Sea. The project is wholly owned by Chevron. Chevron and its partners completed the 3D seismic survey of one of the exploration areas in 1997, and drilled for the first time at the end of 1998. In another exploration area, Chevron Company conducted 2D seismic survey and exploration and exploitation in the third quarter of 1998.
Chevron's business in China also includes land development. 1June, 1997, Chevron signed an agreement to explore in Zhanhua East Area of Shengli Oilfield in North China. In this area, Chevron Company has obtained the exploration right of the deep layer (Pre-Tertiary) below the pay zone. In Daqing Oilfield, the largest oilfield in China, the first phase of production recovery test project has been completed by using Chevron's microbial cross-section deformation technology, and the drilling and spore injection of test wells have been completed. If the field test is successful, this technology will help to increase the oil production in this area.
China is the focus of Chevron in Asia: in order to show the importance of China to Chevron, since the end of 1998, Beijing has become the headquarters of Chevron's upstream business in Asia. Chevron is actively seeking new upstream projects in China and other Asian regions. These businesses are managed by the Beijing office.
Refining and marketing
Chevron and Texaco own Caltex Oil Company, which operates seven lubricating oil service centers and three oil depots, located in Shenzhen Special Economic Zone adjacent to Hong Kong, Zhuhai Special Economic Zone near Macau and Dongguan City respectively. In addition, Caltex is also engaged in lubricating oil blending and marketing business through a joint venture with Shanghai Gao Qiao Petrochemical Company; An asphalt transfer station is operated in Shandong Province through another joint venture, with an annual throughput of more than 654.38 million tons.
Caltex is working with partners to build a liquefied petroleum gas transfer station with an annual throughput of 654.38 million+tons in Shantou, Guangdong. After the completion of 1998 transfer station, it became the largest liquefied petroleum gas import facility in China at that time.
chemical products
In order to expand the chemical business and meet the huge market demand, Chevron began to build a polystyrene factory on August 1998. This $90 million factory produces 654.38 million+tons of polystyrene every year, which is used to make plastic consumer goods. The project is located in Zhangjiagang City, Jiangsu Province, and has started construction with the approval of the government. This factory can create about 100 jobs for Zhangjiagang City.
For many years, Chevron has been the main supplier of para-xylene (raw material for producing synthetic polyester fiber) in China. Chevron also sells benzene to large chemical plants and chemical fiber plants in China and additives to China Lubricating Oil Blending Plant.
technology transfer
Chevron has a long tradition of spreading new ideas and technologies to its partners, and China is no exception. Chevron and its partners in China are making contributions to the economic future of China. The fields of cooperation involve many aspects: using advanced seismic technology to detect underground structures, managing seismic processing projects to improve data quality, operating multi-sources and using three-dimensional seismic detection to improve operational efficiency, using high-tech geochemistry for exploration and development, or using complex computer models for reservoir management. Chevron communicates with its partners in China in terms of management and business philosophy. When Chevron's China partners expand their business overseas, if Chevron has a local office, the company will also help these China partners.
Chevron is also proud to be involved in training local staff in China. For example, new employees of CACT Operator Group will receive internship training in fields including oilfield technology, computer technology and petroleum industry.
Chevron also transferred oil refining technology to China through licensing. 1985 Chevron issued a license to Qilu Petrochemical Complex of China Petrochemical Co., Ltd. to transfer the patented technology of vacuum residue desulfurization and then transfer the hydrotreating technology. 1995 chevron transfers the latest isomerization dewaxing technology to China oil and gas co., ltd. Daqing oilfield chemical additives factory.
Chevron contributes to the future of China.
Chevron has developed cooperative relations with its partners in China, helping China to extend the service life of its huge and mature oil fields and improve its refining and chemical industries.
From 65438 to 0979, Chevron became one of the first multinational oil companies to rebuild their business in China. Since then, Chevron's business in China has been growing, including not only comprehensive upstream and downstream oil business activities, but also actively providing and transferring advanced technology and skills to China partners and cultivating talents. Chevron hia has been supporting the cultural and educational undertakings in China, actively providing schooling opportunities for out-of-school children, and actively donating money to local schools, environmental protection boxes and other community projects and the China Youth Foundation.
All the above businesses constitute Chevron's core business philosophy, that is, respecting the local people, culture and environment and giving back to the tangible property of the host country by creating economic wealth. It is this business philosophy that makes Chevron the most popular partner in the world.