Chevron may pay $40 billion for 5 billion barrels
Number of the day
$40 billion
That’s how much Chevron might spend to produce an extra 5 billion barrels of oil from a field along the border of Saudi Arabia and Kuwait by injecting steam underground to make the heavy crude liquid enough to pump. The San Ramon company is pressing ahead with a pilot project at the Wafra field after “very promising” results, says Ahmed al-Omer, managing director of Saudi Arabian Chevron. The venture expects to make a final decision on the project by 2013.
Chevron is willing to pay a huge amount of money to extract every last drop of oil from this reservoir, even if it means using expensive, experimental technology to do so. Think the world isn’t running out of oil?