Research Program to Focus on Ultra-Deepwater Development
SAN RAMON, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) and Massachusetts Institute of Technology (MIT)
today announced an energy research program to develop remote,
ultra-deepwater exploration and production technology.
The $5 million Chevron Remote and Ultra-Deepwater Research Program will
focus on developing the technologies required to access hydrocarbons in
water depths up to and greater than 3,000 meters in a safe, cost effective
and environmentally friendly manner.
The program includes the sponsorship of two named fellowships -- the
Chevron Energy Fellows -- and makes Chevron a Sustaining Member of the MIT
Energy Initiative (MITEI), which was created to address global energy
issues. The five year program will also support MITEI's energy research
seed fund to promote the development of a broad range of novel, innovative
energy technologies and concepts across the Institute.
Professor Ernest Moniz, director, MITEI, said: "The need for
affordable, sustainable energy is one of the greatest challenges of the
21st century. Conventional oil and gas supplies will play a critical role
in meeting global energy demand for at least the next several decades, and
advanced technologies are essential for producing these essential resources
in environmentally sensitive ways."
"Developing remote, ultra-deepwater reserves is one of the greatest
challenges the industry faces as we seek to meet the world's growing demand
for energy," said Don Paul, vice president and chief technology officer,
Chevron Corporation. "Chevron is drilling at depths once thought
impossible, and partnerships such as these are critical if we are to keep
pushing the boundaries of possibility. We look forward to working with
MITEI both in the research effort and in developing engineering talent to
deploy and operate the new technologies."
Chevron Corporation is one of the world's leading integrated energy
companies. We have approximately 58,000 employees, and our subsidiaries
conduct business in more than 180 countries. We operate across the entire
energy spectrum -- producing and transporting crude oil and natural gas;
refining, marketing and distributing fuels and other energy products and
services; manufacturing and selling petrochemical products; generating
power; and developing and commercializing the energy resources of the
future, including biofuels and other renewables. Chevron is based in San
Ramon, Calif. More information about Chevron is available at
http://www.chevron.com.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Alex Yelland of Chevron Corporation,
+1-925-842-0456
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