CHEVRON Corporation has unveiled its plans to float about 50 projects costing over $250 million each, across the world, in the next five years.

The Vice Chairman and Executive Vice President for Upstream and Gas, George Kirkland, at the yearly meeting of stockholders, that the projects are expected to commence production by 2018, adding that 16 of them have a net investment exceeding $1 billion.

Enumerating the company’s strong queue of projects to meet the world’s future energy needs, he said Chevron plans to invest $36.7 billion in 2013, with 90 per cent of that amount expected to fund upstream activities.

Besides, he noted that the company has invested nearly $111 billion over the past five years to develop crude oil and natural gas resources around the world.

Kirkland also assured that Chevron is on track to deliver on its commitment to produce 3.3 million barrels of oil-equivalent per day by 2017, more than 98 per cent of which will come from fields that are online or from projects under construction or in detailed design.

He said: “Over the next five years, 50 projects with a Chevron investment of more than $250 million each are scheduled to start production, 16 of which have a net Chevron investment exceeding $1 billion. Construction on the Gorgon Liquefied Natural Gas (LNG) project in Western Australia is over 60 per cent complete, with startup expected in late 2014.  Startup of the Wheatstone LNG project, also in Western Australia, is planned for 2016.”

Kirkland Chevron downstream and chemicals growth projects focus on lubricants and chemicals, including the Pascagoula, Miss., base oil plant, which is scheduled to start up later this year and is expected to position Chevron as the world’s largest manufacturer of premium base oil.

According to him, Chevron Oronite’s Singapore manufacturing plant, already the largest in the Asia-Pacific, is expanding further, with additional capacity scheduled to come online in phases in 2014 and 2016.

The Chairman and Chief Executive Officer, Chevron Corporation, John Watson, gave the company’s 2012 operational and social performance and future growth plans, saying: “Chevron’s 2012 results demonstrate that we have the people, portfolio and financial strength to deliver superior stockholder value. Our planned growth will increase our capacity to deliver affordable energy, a cornerstone of economic prosperity.”

He highlighted Chevron’s strong 2012 financial and operational performance, with earnings exceeding $26 billion and return on capital employed (ROCE) approaching 19 per cent.

Watson also discussed the partnerships Chevron has formed to address health, education and economic development in the communities where the company operates.

“Over the past seven years, Chevron has invested more than $1 billion in projects essential to sustainable communities, and last year the company purchased $60 billion in goods and services around the globe, providing meaningful stimulus for local economies,” he said.