![]() "We have had no indications from any government that operations of the Caspian pipeline consortium are likely to be interrupted," Wirth said. ![]() read moreĬhevron also has a 50% stake in Tengizchevroil (TCO), which is developing the Tengiz and Korolev crude oil fields in western Kazakhstan. "It is an important source supply" the world "really needs" right now," Wirth said.īut buyers have been avoiding its oil in recent days due to sanctions over Russia, Reuters reported. The pipeline exported 1.1 million bpd of crude from Kazakhstan and 200,000 bpd from Russia in 2021. He stressed the importance for world oil supply of the Caspian Pipeline Consortium (CPC), operator of a oil line that moves crude from Russia and Kazakhstan and in which Chevron holds a 15% interest.Ĭhevron is relying on added production from Kazakhstan and the Permian basin to raise its output by more than 3% per year through 2026. We have very little exposure to Russia as a company, but these are very difficult decisions to be made," he told CNBC. "A number of other companies had to take very difficult decisions. Wirth said Chevron is less exposed to sanctions on Russia than many of its rivals. "We are an industry that is a high-profiled, high-value target for bad actors." ![]() "We are in a high-risk environment right now from a cyber standpoint," Wirth said. The oil major has been increasing spending on cybersecurity as the industry faces increased threats of hacker attacks to operations. While the company has "a lot of running room in the Permian," a decision to further expand production will be based on profitability, Wirth said. Its Permian production could grow to between 1.2-1.5 million bpd, the company said at a corporate presentation, without specifying a timeframe to achieve it. Permian shale basin by 10% in 2022 and expand production there to more than 1 million barrels per day (bpd) in the coming years, from 681,000 bpd in the fourth quarter. "Nobody knows how long the situation will endure," he said.Ĭhevron on Tuesday reiterated plans to raise output in the U.S. ![]() "In the early months, I wish there had been more dialogue."Īchieving long-term energy security for the United States would include an "attitude to support investment" in oil production growth, Wirth said. "We have a lot of common ground," Wirth said, declining to discuss specific conversations. government that had focused on climate concerns and limiting carbon emissions. The United States is revisiting its stance on new domestic oil production, the Chevron CEO signaled, referring to recent talks with the U.S. ![]() Major oil-consuming nations on Tuesday agreed to release 60 million barrels of oil from strategic reserves as oil futures jumped more than 9% to trade near $107 per barrel. ![]()
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