US-based oil major Chevron says it has boosted its energy production in the US, thus helping to power businesses in the country.
Chevron, which also markets the Texaco lubricant range in the UK, is a traditional gas and oil major with growing interests in low-carbon energy production. Despite the overall growth in renewable energy, the rising global demand for energy means that gas and oil will likely form part of the energy mix for some years to come.
It is producing a further 400,000 BOE (barrels of oil-equivalent) in the DJ Basin of Colorado and is on track to increase production in the Gulf of Mexico to 300,000 BOE per day by next year – all while trying to make energy production cleaner, cheaper and more reliable.
The company has operated in the Permian Basin of West Texas and New Mexico since the 1800s. It was once thought to have peaked, but recent advances like fracking and horizontal drilling have made it a major source of energy again. Chevron expects to be producing a million BOE per day this year in this region alone.
Energy is vital for powering economies and ensuring people’s wellbeing, and having secure domestic sources can help. Unlike the US, the UK lacks vast gas and oil resources. This means that the emphasis is on nuclear and renewables, like wind turbines, which are made more efficient with lubricants like the Shell Omala S5 Wind gear oil. Significant storage will be required to overcome the intermittency of renewable energy.
