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RIYADH, Saudi Arabia, March 9 (UPI) -- U.S.-based Chevron is set to unveil a new heavy-oil extraction method in areas near Saudi Arabia and Kuwait to access previously unrecoverable reserves.
Financial Times reports that supermajor Chevron's new method will increase its extraction potential. Large-scale testing in a neutral zone between Saudi Arabia and Kuwait is expected to lead to access to billions of barrels of crude oil with a potential to uncover additional reserves, the newspaper said.
Chevron said its holdings in the neutral zone provided the majority of the reported 384 million barrels of oil added to its proven oil reserves, according to the accounting methods of the U.S. Securities and Exchange Commission.
Saudi Arabia typically shuns foreign access to its potential oil production but provides an exception to reserves in the neutral zone, where it only holds a joint share in production.
Chevron had earlier secured a 30-year license to operate in the area, which analysts said accounted for more than 4 percent of the company's total oil production.
Chevron unveils its annual strategy to energy analysts Tuesday.
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