Chevron forms alliance with nasa’s jet propulsion laboratory to develop advanced energy solutions

San ramon, calif.--(business wire)--chevron corporation (nyse: cvx) and nasa’s jet propulsion laboratory (jpl) announced today the formation of an alliance to develop a range of technologies to improve the production and recovery of oil and natural gas resources. the alliance’s initial focus is to develop a wide range of technologies—including power transmission, signal processing and electrical actuation—for application in deepwater. “nasa and jpl are highly acclaimed national treasures, and chevron is proud to collaborate with them to unlock new energy potential,” said john mcdonald, chevron’s corporate vice president and chief technology officer. “this alliance is an opportunity to bridge public- and private-sector technology and research to discover oil and natural gas volumes that are found in deep remote reservoirs. in many ways, the research is akin to deep space exploration, making the missions of our two organizations highly complementary.” “we are proud that the same pool of talent that sends rovers to mars, explores our universe and studies earth’s environment will help contribute advanced technology towards our energy future here on earth,” said dr. charles elachi, director of jpl. the technology developed by jpl for interplanetary missions is also useful for gaining a better understanding of the geology of earth. for example, jpl developed technology that enables electronic communication over millions of miles in outer space. that same technology may have application in deepwater energy operations, which extend thousands of feet below the surface of the ocean and encounter extreme pressures and temperatures. “the world’s energy needs continue to grow. chevron continues to meet this demand through the development and application of highly innovative technologies that unlock resources in ways that are safer, more efficient and more environmentally sensitive,” said paul siegele, president of chevron energy technology co. about jpl the jet propulsion laboratory (jpl) is a division of the california institute of technology in pasadena, calif. jpl’s national space technology applications office (nsta) was established to develop a sustaining business base through expanded relations with non-nasa sponsors. nsta develops collaborations with elements of the four national space sectors: military, intelligence, civil and commercial. each of these sectors is responsible for the specific development of partnerships that expand and enhance the jpl/nasa technology base. the california institute of technology in pasadena and nasa’s office of the chief technologist seek to transfer technology developed for space into the commercial marketplace, yielding economic benefits and quality-of-life improvements for people here on earth. about chevron chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. the company is involved in virtually every facet of the energy industry. chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. chevron is based in san ramon, calif. more information about chevron is available at www.chevron.com.
CVX Ratings Summary
CVX Quant Ranking