Word: chevronings
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...here, on the steppes of Central Asia, that Chevron has staked much of its future and doubled its potential worldwide oil reserves by the stroke of a pen on a contract. Over the next 40 years, the company and the Kazakh government plan to invest $20 billion to develop the vast Tengiz field near the Caspian Sea, which contains some of the richest sources of oil and gas on earth. So deep are the deposits that geologists have yet to find the bottom. The oil-saturated rock formations are "two or three times the thickness of anywhere else...
...must wear gas masks and carry oxygen packs, since just a whiff of the invisible hydrosulfide gas that seeps from the ground can cause instant death. "In winter it is difficult to motivate anyone to work," says Larry Barthold, general manager of the joint venture that U.S. oil giant Chevron and the former Soviet republic of Kazakhstan have formed to tap the wealth that lies beneath this forbidding site. "In summer everyone smells funny because of the antimosquito spray. And it's so hot, work does not continue at a steady pace...
...Chevron's foray into Kazakhstan is part of the biggest global oil rush since energy explorers moved into the Middle East after World War II. Starting with the end of the cold war a few years ago, immense stretches of oil and gas lands -- from the Arctic Circle to China's Tarim Basin to the waters off Vietnam -- have opened up to multinational firms as host countries strive to develop their resources and earn hard currency...
PAPUA NEW GUINEA. "We started from a postage stamp. Our toehold was as small as that." So recalls Greg Gurbach, a field construction manager for Chevron, of the company's initial sortie into the mountainous jungle that surrounds Lake Kutubu, one of the most pristine spots in the South Pacific. The year was 1986; Chevron headed a consortium that had come to explore a reservoir 1.5 miles beneath the jungle floor that was thought to contain 225 million bbl. of high-quality...
...have Americans been wholly absent. According to Western diplomats and business travelers, agents of Occidental Petroleum, Chevron, Boeing, General Motors and others have been spotted in the first-class hotels of Baghdad and Amman, Jordan, where many of the meetings with Iraqi trade officials take place. State Department officials say they have investigated these claims and found no sign of wrongdoing by U.S. companies, who are "officially discouraged" from making such contacts. Says a State Department official: "The Iraqis are engaged in a constant effort to get companies to deal with them quickly. They want them to believe the train...