Latest news with #DjokoSiswanto
Yahoo
30-05-2025
- Business
- Yahoo
Chevron to implement around 800 job cuts in Texas
Chevron has announced it will lay off nearly 800 employees in Midland County, Texas, US, as part of a broader plan to reduce its global workforce by up to 20% by the end of 2026. The job cuts, slated for 15 July, are said to be a response to the need for cost-cutting and business simplification. The lay-offs in Texas, where Chevron holds significant operations in the Permian Basin, the leading US oilfield, underscore the company's strategic adjustments amid challenging industry conditions. In February, Chevron disclosed its workforce reduction plans, which have since become more pressing due to recent operational setbacks. The revocation of Chevron's licence in Venezuela and the uncertain future of its $53bn acquisition of Hess due to an arbitration dispute have added to the company's pressures. Chevron had also previously announced the lay-off of at least 600 employees in California, effective 1 June, as reported in a March filing. Despite these challenges, Chevron remains proactive in seeking new opportunities. This month, the company expressed its intent to explore and develop significant oil and gas assets in Indonesia, targeting blocks with potential reserves of around 15 trillion cubic feet (tcf) of gas. Djoko Siswanto, the chairman of Indonesia's upstream oil and gas regulator, SKK Migas, confirmed Chevron's interest. However, Chevron, along with other multinational oil and gas companies, recently exited its Red Sea oil and gas concession blocks in Egypt after failing to locate any discoveries. The Egyptian Petroleum Ministry has stated that these companies are reallocating their resources to other areas within Egypt, particularly the Mediterranean. Chevron was awarded its first oil and gas exploration concessions in the Red Sea alongside Shell and Mubadala Investment Company in 2019. "Chevron to implement around 800 job cuts in Texas" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
22-05-2025
- Business
- Yahoo
Chevron Eyes Major Oil and Gas Assets in Indonesia
Chevron Corporation (NYSE:CVX) has shown interest in tapping into Indonesia's oil and gas assets with substantial reserves, according to Djoko Siswanto, head of the country's upstream regulator SKK Migas, who made the statement on May 20. Djoko noted that Chevron is evaluating blocks that could hold approximately 15 trillion cubic feet of gas, though the company is still in the early stages of assessing these opportunities. Chevron Corporation (NYSE:CVX) is one of the leading players in the global oil and gas industry, known for producing and marketing a wide array of refined products such as gasoline, diesel, jet and marine fuel, premium base oils, lubricants, and additives. It operates five refineries across the United States and maintains a strong retail presence through its Chevron and Texaco-branded service stations. As part of its renewed interest, Chevron Corporation (NYSE:CVX) may consider acquiring blocks in Bali or other regions in eastern Indonesia. Chevron's relationship with Indonesia dates back to 1924, when it first sent a geological team to explore the island of Sumatra. Over the decades, the company has extracted over 12 billion barrels of oil from the country's onshore and offshore fields. In partnership with the Indonesian government and other stakeholders, Chevron Corporation (NYSE:CVX)'s operations have contributed significantly to the local economy. However, in 2023, the company exited the country after divesting its interest in the Indonesia Deepwater Development (IDD) project, which had been delayed due to changes in the facility's design. While we acknowledge the potential of CVX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVX and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Chevron Eyes Major Oil and Gas Assets in Indonesia
Chevron Corporation (NYSE:CVX) has shown interest in tapping into Indonesia's oil and gas assets with substantial reserves, according to Djoko Siswanto, head of the country's upstream regulator SKK Migas, who made the statement on May 20. Djoko noted that Chevron is evaluating blocks that could hold approximately 15 trillion cubic feet of gas, though the company is still in the early stages of assessing these opportunities. Chevron Corporation (NYSE:CVX) is one of the leading players in the global oil and gas industry, known for producing and marketing a wide array of refined products such as gasoline, diesel, jet and marine fuel, premium base oils, lubricants, and additives. It operates five refineries across the United States and maintains a strong retail presence through its Chevron and Texaco-branded service stations. As part of its renewed interest, Chevron Corporation (NYSE:CVX) may consider acquiring blocks in Bali or other regions in eastern Indonesia. Chevron's relationship with Indonesia dates back to 1924, when it first sent a geological team to explore the island of Sumatra. Over the decades, the company has extracted over 12 billion barrels of oil from the country's onshore and offshore fields. In partnership with the Indonesian government and other stakeholders, Chevron Corporation (NYSE:CVX)'s operations have contributed significantly to the local economy. However, in 2023, the company exited the country after divesting its interest in the Indonesia Deepwater Development (IDD) project, which had been delayed due to changes in the facility's design. While we acknowledge the potential of CVX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVX and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
20-05-2025
- Business
- CNA
Chevron seeks big oil and gas blocks in Indonesia, regulator says
TANGERANG, Indonesia :U.S. oil major Chevron is interested in exploring and developing oil and gas assets in Indonesia with sizable reserves, Djoko Siswanto, chairman of its upstream oil and gas regulator SKK Migas, said on Tuesday. Chevron is seeking blocks with potential reserves of around 15 trillion cubic feet of gas, Djoko said, adding that the company is currently in an early evaluation of some of those potential assets. Indonesia will offer blocks in Bali or other parts of eastern Indonesia. "We regularly engage with SKK Migas. However, as per our long-standing policy, we do not discuss the details of these engagements," Cameron Van Ast, a spokesperson for Chevron Asia Pacific, told Reuters by email, without providing further details. Chevron exited Indonesia in 2023 when it divested its stakes in Indonesia Deepwater Development (IDD) after a change in the facility's design stalled development. Located in the Makassar Strait off the island of Borneo, IDD consists of two projects, Bangka and Gendalo-Gehem, with combined recoverable gas resources of nearly 3 trillion cubic feet (Tcf).
