US-based oil major Chevron Corporation has announced that it will restructure its global upstream operations into four operating companies, in order to strengthen the company's focus on long-term growth opportunities and to enhance key business partnerships.

The organizational structure for Chevron’s worldwide exploration and production group will expand from the current two companies, namely Chevron International Exploration and Production, and Chevron North America Exploration and Production, to four, effective January 1, 2008. The new units will be Africa and Latin America; Asia Pacific; Eurasia, Europe and Middle East; and North America.

These changes reflect the significant growth of Chevron’s global upstream operations over the past 15 years and position our company to manage continuing growth in the future, said George Kirkland, executive vice president of Chevron’s upstream and gas units. It will also help expand leadership capacity across the upstream organization and create growth opportunities for the company’s next generation of leaders.

As well as revealing a new management team to lead the newly-created business segments, Chevron also announced that John Watson will become executive vice president of strategy and development at Chevron, effective January 1, 2008. Mr Watson will oversee business development, mergers and acquisitions, strategic planning and the project resources company, which supports the development of major capital projects within Chevron.