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Chevron is the second largest integrated energy company in the United States and is active in 180 countries world wide. Chevron was founded in 1879 in California and began marketing activities in Europe in the early 1900s. After World War II, the company sold fuel under the Caltex name. In 1964, a Chevron and Texaco joint venture drilled the North Sea’s first exploration well. In 1965, they spudded the first of two exploration wells in the Svalbard archipelego of northernmost Norway. During 2005 Chevron produced about 2.5 million barrels of oil equivalent per day worldwide (the same amount produced in all of Norway), including 200,000 barrels per day in Europe. European upstream activities are headquartered in Aberdeen, Scotland with offices in Norway, Denmark and the Netherlands. Refining and marketing activities in Scandinavia are conducted through our joint-venture operation, HydroTexaco. Chevron’s Norway upstream operations are located in Oslo and include production of oil and gas from the Shell-operated Draugen field in the Norwegian Sea. Chevron is actively engaged in exploring for new oil and gas fields on the Norwegian Continental Shelf and participates in several licenses.