Chevron

US Gulf project will use a similar floating solution to the operator’s Vito project due onstream next year.

Chevron is having to drill a fifth production well at Israel’s Leviathan natural gas and gas-condensate field to keep production ahead of rising demand, driven by exports to Egypt’s growing LNG hub.

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.