Chevron Offers Rival Oil Producers Its Chemical Technology

Chevron is opening up its proprietary chemical technology to other oil producers in an effort to boost U.S. shale oil output.

The move comes as the industry grapples with declining well productivity, which has prompted companies to either drill more wells or adopt new technology to sustain output.

Chevron's Chief Technology and Engineering Officer Ryder Booth said the company will license its chemical surfactants technology to ZL Chemicals, which will oversee the sales process to other oil companies.

The chemicals have improved production from newly drilled wells by up to 20% during the first year, and also reduced production decline in existing wells by between 5% and 8%, according to Chevron.