WAFRA, Kuwait - Tuesday, April 15th 2014 [ME NewsWire]
(BUSINESS
WIRE) Saudi Arabian Chevron Inc. announced today that an integral
project entered the construction phase, as leaders from Wafra Joint
Operations, the Kuwait Gulf Oil Company, Saudi Arabian Chevron and key
business partners supporting the project gathered for a ceremonial
groundbreaking on the Main Gathering Center (MGC) Revamp Project.
“This
investment is a commitment to decades of safe and reliable operations
at Wafra and it is also an enabler of future growth within the
Partitioned Zone,” said Saudi Arabian Chevron president Ahmed Al-Omer.
“The advancement of the MGC project demonstrates its team’s ability to
collaborate. Together, we will develop the full scope of the on-shore
Partitioned Zone’s hydrocarbon resources.”
The Wafra Field is the
main oil field in onshore Partition Zone. The Main Gathering Center is a
critical hub for oil production because all of the oil produced within
the onshore Partitioned Zone’s several oil fields passes through the MGC
infrastructure. With the MGC Revamp Project, Saudi Arabian Chevron and
its partner the Kuwait Gulf Oil Company plan to upgrade and maintain
facilities at Wafra Joint Operations to enable continued safe and
reliable production and to accommodate future growth.
The MGC
facility’s two main functions are to separate the oil, water and natural
gas and treat the oil for delivery to Saudi Arabian Chevron and the
Kuwait Gulf Oil Company by pipelines. Many of the equipment in the MGC
have been in operation since the facility was rebuilt in 1991 and are
now due for replacement. The MGC Revamp Project will replace many of the
heaters, coolers, pumps and other equipment needed to keep the facility
operating for many years to come. Key benefits will include maintaining
safe and reliable operations while providing continuity of production
to enable future development projects.
Through its 1949 Concession
Agreement and its extension in 2008 through the Extended and Amended
Agreement, Saudi Arabian Chevron produces the Kingdom of Saudi Arabia’s
50 percent interest in the onshore Partitioned Zone’s hydrocarbon
resources. SAC works in partnership with the Kuwait Gulf Oil Company
which produces the State of Kuwait’s 50 percent interest in the onshore
Partitioned Zone.
Notes to editors
Chevron’s presence in the
Kingdom of Saudi Arabia and State of Kuwait spans many decades. Saudi
Arabian Chevron (SAC) operates on behalf of the Kingdom of Saudi Arabia
its 50 percent interest in the petroleum resources of the onshore
Partitioned Zone, where it explores for and produces oil.
The
Partitioned Zone (PZ) is a 4,600 square kilometer area in which the
mineral resources are shared equally by the Kingdom of Saudi Arabia and
the State of Kuwait. SAC conducts operations in the PZ with the Kuwait
Gulf Oil Company (KGOC), which represents Kuwait’s equal interest in the
area, through Wafra Joint Operations (WJO). Staffed and funded equally
by SAC and KGOC, WJO explores for, develops and produces oil in the
onshore PZ. It operates several fields: Wafra, South Umm Gudair (SUG),
South Fuwaris (SF), Arq, North Wafra and Humma, and produces mainly
heavy crude from ten reservoirs.
Chevron is one of the world’s
leading integrated energy companies, with subsidiaries that conduct
business worldwide. The company’s success is driven by the ingenuity and
commitment of its employees and their application of the most
innovative technologies in the world. Chevron is involved in virtually
every facet of the energy industry. The company explores for, produces
and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and other energy products; manufactures
and sells petrochemical products; generates power and produces
geothermal energy; provides energy efficiency solutions; and develops
the energy resources of the future, including biofuels. Chevron is based
in San Ramon, Calif. More information about Chevron is available at
www.chevron.com.
Cautionary Statement Relevant to Forward-Looking
Information for the Purpose of “Safe Harbor” Provisions of the Private
Securities Litigation Reform Act of 1995.
Some of the items discussed
in this press release are forward-looking statements about Chevron's
activities in the Middle East region. Words such as "anticipates,"
"expects," "intends," "plans," "targets," "forecasts, " "projects,"
"believes," "seeks," "schedules, " "estimates," "budgets" outlook" and
similar expressions are intended to identify such forward-looking
statements. The statements are based upon management's current
expectations, estimates and projections; are not guarantees of future
performance; and are subject to certain risks, uncertainties and other
factors, many of which are beyond the company's control and are
difficult to predict. Among the important factors that could cause
actual results to differ materially from those in the forward-looking
statements are changes in prices of, demand for and supply of crude oil
and natural gas; actions of competitors; the inability or failure of the
company’s joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction
or start-up of planned projects; the potential disruption or
interruption of the company’s net production or manufacturing facilities
or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in
fiscal terms or restrictions on scope of company operations; foreign
currency movements compared with the U.S. dollar; and general economic
and political conditions. The reader should not place undue reliance on
these forward-looking statements, which speak only as of the date of
this press release. Unless legally required, Chevron undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or otherwise.
Contacts
for Saudi Arabian Chevron, Inc.
Awwad Al-Omar, +965 6691 4000
PZ, Kuwait
awwadao@chevron.com
Scott Park, +965 5584 4842
PZ, Kuwait
spark@chevron.com
Sally Jones, +44 560 109 1435
London
JonesS@chevron.com
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