Chevron

The decision follows operator Chevron’s announcement at the end of 2019 to exit the project.

It has been a busy month so far for the oil and gas industry’s venture capital groups. Find out which operators are making moves and which technology developers are turning heads in this latest roundup.

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.