The American multinational energy corporation Chevron invests $10 billion to accelerate lower carbon energy businesses.
The chairman and Chief Executive Officer of Chevron Michael Wirth, said:
“Chevron intends to be a leader in advancing a lower carbon future, Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
The president of Chevron New Energies Jeff Gustavson, said:
“Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.”
The companies have successfully worked together on prior business opportunities and believe they bring complementary capabilities to successfully pursue CCUS. Projects resulting from the evaluation would seek to combine Enterprise’s extensive midstream pipeline and storage network with Chevron’s sub-surface expertise to create opportunities to capture, aggregate, transport and sequester carbon dioxide in support of the evolving energy landscape.
By the year 2025 the company is expecting a double digit return on capital employed as the Brent oil price is averaged to $60 per barrel and to generate $25 billion of cash flow, above its dividend and capital spending, over the next five years.
The company has also reaffirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.
