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Chevron has agreed to develop a data centre for Microsoft under a 20-year contract, marking the oil major's most explicit move into power production.
The facility is to be built in the heart of US oil country and could include a gas-fired power plant — a configuration that would let Chevron supply both the fuel and the electrons directly to one of the world's largest hyperscalers.
From Upstream to Offtake The deal recasts Chevron's position in the energy supply chain.
Rather than selling natural gas into the commodity grid and stopping there, Chevron would move downstream: generating power on-site and delivering it to a data centre tenant under a long-term contract.
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