Chevron has announced that it will develop 500MW of clean energy plants to power some of its key operation sites in the Permian Basin in West Texas, New Mexico and other global locations, according to GreenTech Media. The move marks a continued trend of global oil corporations that are leaning on clean energy to cut production costs.
“What has changed is the cost of wind and solar power, which is becoming more competitive, and the technology, which has also progressed substantially,” Chevron spokesperson Veronica Flores-Paniagua said in an email. “This makes opportunities to increase renewable power in support of our operations a feasible option for reliability, scale and cost-effectiveness.”