You are here
SAN RAMON, Calif. -- Chevron Corp., headquartered here, will provide up to $5 million over the next five years to the University of Texas at Austin for research into new technologies to extract oil from mature or challenging reservoirs, the Houston Chronicle reported.
The agreement, announced earlier this week, will allow Chevron to provide the funding to the university's Center for Petroleum and Geosystems Engineering.
Conventional production methods typically recover one-third of the oil in reservoirs containing light, sweet crude, Don Paul, vice president and chief technology officer for Chevron, said in a statement. Improved technology can increase that rate as well as boost reserves and production, he said.