highlights of operations
Through its subsidiaries, Chevron produces natural gas and condensate from three fields in northeastern Bangladesh. To meet the country’s increasing demand for natural gas, we have increased production tenfold in the last decade.
Chevron Bangladesh, with a workforce of almost 2,000 Bangladeshis, has achieved a remarkable safety record while managing its operations. We also work with communities across our operations, building long-term partnerships that foster social and economic development in the country.
exploration and production
All the natural gas and condensate that Chevron produces in Bangladesh is sold to Bangladesh Oil, Gas & Mineral Corporation (Petrobangla), the national oil company. Through Chevron subsidiaries, the company operates three fields – Bibiyana, Jalalabad and Moulavi Bazar – under production-sharing contracts with the government of the People’s Republic of Bangladesh, represented by the Ministry of Energy and Mineral Resources, and with Petrobangla. In 2017, net daily production averaged 642 million cubic feet of natural gas and 4,000 barrels of condensate. Condensate is liquid hydrocarbon produced with natural gas.
Putting innovation to work
Chevron operates the Bibiyana Field in Block 12. In 2014, we announced the start of production at the Bibiyana Expansion Project. The project includes two gas-processing trains, additional development wells and an enhanced liquids recovery facility. The liquid recovery facility started up in 2015.
In the third quarter of 2017, Chevron announced its intent to retain its assets in Bangladesh.
in the community
Chevron Bangladesh invests in activities and programs that focus primarily on economic development, education and health care, reaching thousands of people in Bangladesh.
In 2014, Chevron Bangladesh announced the Bangladesh Partnership Initiative (BPI), a $10 million, five-year program to promote sustainable income growth among micro and small entrepreneurs and create employment opportunities near the three gas fields in the Sylhet, Habiganj and Moulavibazar districts.
The first BPI effort was the Jibika Project. Launched in 2015, the project was implemented by BRAC, an international nongovernmental organization based in Bangladesh. The project aims to strengthen the governance of 112 community groups with startup capital and training. It is anticipated that 1,500 small businesses will be established, improving the lives of 20,000 people.
In 2015, Chevron signed a Memorandum of Understanding with the Asian Development Bank (ADB) that will enable 1,400 community youths living near Chevron operations to access high-quality training in light engineering and construction. This initiative is a partnership is sponsored by ADB, operates under the umbrella of the government’s Skills for Employment Investment Program and is administered by the Ministry of Finance.
In 2016, Chevron launched a three-year project with Swiss – a private foundation – to facilitate training and link trainees with reputable employers in the region. As of December 2017, nearly three-quarters of the 203 graduates had found jobs.
creating educational opportunities
Chevron strives to improve the quality of and access to education for students in the areas where we operate. In 2001, we launched our scholarship drive for high-achieving underprivileged students. In 2017, more than 1,200 scholarships were awarded to students from 38 schools. The program also includes an endowment fund, salary support for additional teachers, school furniture and wells that provide safe drinking water for schools.
In partnership with Save the Children, Chevron is improving access to quality education in rural communities near our operations. Approximately 1,800 students have benefited from after-school activities and remedial education. By the close of the project in December 2017, the program had helped more than 1,700 children.
improving public health
Chevron established three community clinics near our Bibiyana and Moulavi Bazar fields. As of December 2017, the clinics had 54 satellite locations that also provide care. More than 100,000 health care services – including lab tests, vaccinations, counseling sessions and more – are provided annually. The clinics are part of the nationwide Smiling Sun Franchise Program, sponsored by the U.S. Agency for International Development and the U.K. Department for International Development and operated by Pathfinder International, U.S.
record of achievement
Chevron has developed three natural gas fields in Bangladesh. The Jalalabad Field was discovered in 1989 and went into production in 1999. The Moulavi Bazar Field was discovered in 1999 and came on line in 2005. The Bibiyana Field, the largest producing field in Bangladesh, was discovered in 1998 and came on line in 2007.
health, environment and safety
Chevron works in partnership with the government of Bangladesh and Petrobangla to develop the country’s energy resources in a safe, environmentally responsible manner. To protect the environment and maintain safe operations, Chevron uses the latest technologies and strict inspection procedures.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This Website contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities” 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, many of which are beyond the company’s 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 report. 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 chemicals margins; the company's ability to realize anticipated cost savings and expenditure reductions; 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 the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas; 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 operations due to war, accidents, political events, civil unrest, severe weather, cyber threats and terrorist acts, crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries, or other natural or human causes beyond its control; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from other pending or future litigation; the company’s future acquisition or disposition of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for 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; material reductions in corporate liquidity and access to debt markets; the impact of the 2017 U.S. tax legislation on the company's future results; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 19 through 22 of Chevron’s 2017 Annual Report on Form 10-K. Other unpredictable or unknown factors not discussed in this report could also have material adverse effects on forward-looking statements.