• Chevron Technology Ventures launched a new $300 million fund focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy. • Calgary-based Eavor Technologies has raised$40 million to build out geothermal systems that use horizontal-drilling technology and may someday give abandoned oil and gas fields a second act.
• Chevron is initiating its layoffs of up to 15% of its global workforce of 45,000 first announced in late May by asking employees to reapply for positions. It closed its $4.1-billion acquisition of Noble Energy this week in which it gained 2,200 employees. • The sale of Chevron’s interest in the IDD project is part of its cost-cutting measures. • Zap Energy will use Chevron’s investment to develop its technology, a next-generation modular nuclear reactor with an aim toward cost-effective, flexible, and commercially scalable fusion. • A volatile market, and a shift to more remote operations during the global pandemic has been a catalyst for demand for mIQroTech’s leak-detection technology • Shell and Chevron lead the pack in a slew of Q2 losses with$18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops$30 billion.