Businessweek

uring 2012, the company drilled six exploration wells in the Pattani Basin. The company also holds exploration interests in the Thailand-Cambodia overlapping claim area that are inactive, pending resolution of border issues between Thailand and Cambodia. Vietnam: The company is the operator of two PSCs in the Malay Basin off the southwest coast of Vietnam. The company has a 42.4 percent interest in a PSC that includes Blocks B and 48/95, and a 43.4 percent interest in a PSC for Block 52/97. The Block B Gas Development Project is designed to produce natural gas from the Malay Basin for delivery to state-owned Petrovietnam. The project includes installation of wellhead and hub platforms, an floating storage and offloading vessel, a central processing platform and a pipeline to shore. FEED continued during 2012. During 2012, the company drilled two exploratory wells in Block 52/97. China: The company has operated and non operated working interests in various areas in China. The company operates and holds a 49 percent interest in the Chuandongbei PSC, located in the onshore Sichuan Basin. The full development includes 2 new sour-gas processing plants with an aggregate inlet design capacity of 740 million cubic feet per day, connected by a natural gas gathering system to 5 fields. The PSC for Chuandongbei expires in 2037. The company holds a 59.2 percent-owned and operated interest in deepwater Block 42/05 in the South China Sea, which covers exploratory acreage of approximately 1.3 million acres. During 2012, the company drilled two exploration wells in South China Sea deepwater Blocks 53/30 and 64/18, and both were unsuccessful. In 2012, the company relinquished its interest in deepwater Blocks 53/30 and 64/18. During 2012, the company drilled an initial exploratory well for shale gas in the Qiannan Basin. The company also has non operated working interests of 32.7 percent in Blocks 16/08 and 16/19 in the Pearl River Mouth Basin and non operated working interests of 24.5 percent in the QHD 32-6 Field and 16.2 percent in Block 11/19 in the Bohai Bay. Philippines: The company holds a 45 percent non operated working interest in the Malampaya natural gas field located 50 miles offshore Palawan Island. Net oil-equivalent production in 2012 averaged 24,000 barrels per day, composed of 120 million cubic feet of natural gas and 4,000 barrels of condensate. The company also develops and produces geothermal resources in southern Luzon, which supply steam to third-party, 637-megawatt power generation facilities. During 2012, the company sold 60 percent of its interest in these geothermal operations. The company also has a 90 percent-owned and operated interest in the Kalinga geothermal prospect area in northern Luzon and is in the early phase of geological and geophysical assessments. Indonesia: The company holds operated and non operated working interests in Indonesia. The company has 100 percent-owned and operated interests in the Rokan and Siak PSCs onshore Sumatra. Chevron also operates four PSCs in the Kutei Basin, located offshore East Kalimantan. These interests range from 62 percent to 92.5 percent. The company also has 51 percent operated working interests in two exploration blocks in western Papua, West Papua I and West Papua III, and a 25 percent non operated working interest in a joint venture in Block B in the South Natuna Sea. The company’s net oil-equivalent production in 2012 from its interests in Indonesia averaged 198,000 barrels per day, composed of 158,000 barrels of liquids and 236 million cubic feet of natural gas. The Rokan PSC expires in 2021. During 2012, two deepwater development projects in the Kutei Basin progressed under a single plan of development. In the first of these projects, the company completed FEED for the Gendalo-Gehem deepwater natural gas project. The project includes two separate hub developments, natural gas and condensate pipelines, and an onshore receiving facility. In West Java, the company operates and holds a 95 percent interest in the Darajat geothermal field, which supplies steam to a power plant with a total operating capacity of 259 megawatts. The com