Chevron delays decision on North Sea oil recovery project
Chevron is delaying its planned Captain enhanced oil recovery (EOR) project in the North Sea. The firm had intended to make a final investment decision this year. However, in addition to stepping back to fine-tune the planned polymer solution for the project, low oil prices are impacting Chevron's plans for upstream development along with those of all the majors. Chevron recently posted its first quarterly loss in 14 years, and CEO John Watson said the firm will be prioritising short-cycle projects.
Chevron is going back to the drawing board on the planned polymer solution for its Captain enhanced oil recovery (EOR) project in the UK North Sea as the US supermajor acknowledges that a project sanction for the development is no longer on the agenda for this year.

Chevron said previously that it intended to take a final investment decision on the Captain project this year, but a spokesman confirmed this week that this will no longer happen.

He said the final investment decision will not be in 2016, but added that it is premature to make any statements on a future date.

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