Investment Plan for Chevron and ExxonMobil Heavy Oil Projects

According to the World Refining Business Digest Weekly, Chevron Corporation plans to invest $40 billion in Saudi Arabia over the next 25 years to increase heavy oil (API° approximately 18) production by 5 billion barrels through oilfield steam flooding technology. This investment project is being pushed forward together with the pilot project of the Wafra oil field, and Chevron plans to make a decision in 2013. If the project is successfully implemented, it will become the world's largest steam drive mining project. At present, the Wafra oil field has oil reserves of about 30 billion barrels, with a daily production of 240000 barrels of light and heavy crude oil.