Chevron

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.

The supermajor said that it hopes to complete a megaproject in Kazakhstan before rerouting future spending to the Permian Basin and other developments.

The two largest oil companies in the US are shedding thousands of employees and contractors to cope with a steep decline in demand.

Describing it as a “bolt-on” acquisition, the Marcellus Shale producer EQT expects the deal will boost its gas production by 10%.

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.