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2012 UBS Thailand

Natural Gas Field Trip


Pierre Breber
Managing Director
Asia South Strategic Business Unit
March 26, 2012
Bangkok, Thailand

2012 Chevron Corporation

Cautionary Statement

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF


SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This presentation of Chevron Corporation contains forward-looking statements relating to Chevrons operations that are based on managements
current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. 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. These statements are not guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond the companys control and are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these
forward-looking statements, which speak only as of the date of this presentation. 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.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and
natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of
crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and
financial condition of equity affiliates; the inability or failure of the companys 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 companys net production or
manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production
quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments under
existing or future environmental regulations and litigation; significant investment or product changes under existing or future environmental statutes,
regulations and litigation; the potential liability resulting from other pending or future litigation; the companys future acquisition or disposition of assets
and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes,
changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of
changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the
heading Risk Factors on pages 29 through 31 of the companys 2011 Annual Report on Form 10-K. In addition, such statements could be affected by
general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this presentation could
also have material adverse effects on forward-looking statements.
Certain terms, such as unrisked resources, unrisked resource base, recoverable resources, and oil in place, among others, may be used in this
presentation to describe certain aspects of the companys portfolio and oil and gas properties beyond the proved reserves. For definitions of, and
further information regarding, these and other terms, see the Glossary of Energy and Financial Terms on pages 58 and 59 of the companys 2011
Supplement to the Annual Report and available at Chevron.com.
2012 Chevron Corporation

Strong Safety Culture

2012 Chevron Corporation

A Strong Worldwide Portfolio

2012 Chevron Corporation

Our Gas Resources Are Aligned With Asian Growth

2012 Chevron Corporation

Chevron Asia Pacific Exploration & Production

Largest IOC in the region


2011 Net Production: 653 MBOED
2011 Proved Reserves: 3.2 BBOE

Largest producer in Thailand,

China
Bangladesh
Thailand
Cambodia
Vietnam

Indonesia and Bangladesh

Largest resource position

Myanmar

Philippines

in Australia

Largest geothermal

Indonesia

power producer in the world


Australia

Areas of Operation
2012 Chevron Corporation

Chevron Asia South

Regional headquarters in
Bangkok

Large base business in


Thailand and Bangladesh

Growth Opportunities in
each country to help meet
increasing energy demand
2011 Net Production:
319 MBOED

2012 Chevron Corporation

Thailand

Leading IOC, primarily natural


gas production
2011 Net Production: 209
MBOED
Efficient operator drilling ~300
wells per year
1,755 employees (91% Thai) and
1,461 contractors at the end of
2011
Platong Gas II Startup in October
2011
Additional growth opportunities
being matured
2012 Chevron Corporation

Thailands Natural Gas Market

Natural Gas accounts for >40%


of Thailands energy needs
2000-2011 natural gas
consumption more than doubled
Chevron operated production
supplies ~ 40% of Kingdoms
natural gas needs

BSCFD
5.0

50%

4.0

40%

3.0

30%

2.0

20%

1.0

10%

0.0

0%
2010

2007

2004

2001

1998

1995

1992

1989

1986

Natural Gas Consumption (BSCFD)


% Natural Gas of Thailand Energy
Consumption
Source: Energy Policy and Planning Office, Ministry
of Energy, Thailand

2012 Chevron Corporation

Thailand Platong Gas II

377MMCFPD and 11MBD of


condensate production
27 wellhead platforms, 500 600 wells anticipated
Chevron-operated: 69.9%
equity interest
First gas achieved October
2011

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Vietnam
Block B Gas Development
Project Description:
490 MMCFPD and 4MBD
of condensate production
Estimated US$4.3 Billion
42-43% operated interest in

Blocks B, 48/95 and 52/97


28.7% non-operated interest in
natural gas pipeline
FEED completed 2011
Progressing towards Final
Investment Decision

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Myanmar, Cambodia, and


Thailand Cambodia Overlapping Claim Area
Myanmar
2011 Net production: 14 MBOED
Supply for Myanmar domestic demand
and export to Thailand
28.3% non-operated equity interest
Cambodia

Progressing towards FID for the Block


A development project
30% operated equity interest
Thai-Cambodia Overlapping Claims Area
Hold both operated and non-operated
interests
Inactive, pending resolution of border
issues
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Bangladesh

2011 Net Production: 74 MBOED

Three onshore fields:


Bibiyana
Jalalabad
Moulavi Bazar

Supply ~ 50% of the countrys


natural gas demand
Growth Projects
Muchai Compression startup
expected 2Q 2012
Bibiyana Expansion final
investment decision expected 2Q
2012
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China

2011 Net Production: 22 MBOED

Non-operated equity interests:


Bohai Bay and South China Sea
Chuandongbei natural gas project
Deepwater Pearl River Mouth
Basin
3-D seismic and 3 well exploration
program

Shale Gas Joint Study Agreement


with Sinopec
First exploration well spud in
February 2012

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Australia
Gorgon LNG Development

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Gorgon: Achieving Milestones and


Advancing Toward First LNG

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Australia
Wheatstone LNG Development

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Wheatstone: Awarding Contracts and


Ramping Up Construction Activity

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Continued Exploration Success Builds


Momentum for Australia LNG Expansions

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Questions

Answers

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