For the 10 years ending December 31, 2015 , actual asset returns averaged 5. In the United States, the company continued work on projects to improve refinery flexibility, reliability and capability to process lower cost feedstocks. Chevron also holds a 39. During 2015, net production averaged 110,000 barrels of liquids and 55 million cubic feet of natural gas per day. Gulf Coast Petrochemicals Project, which is expected to capitalize on advantaged feedstock sourced from shale gas development in North America. An increase in the expected long-term return on plan assets or the discount rate would reduce pension plan expense, and vice versa.
The development plan includes a platform with a design capacity of 150,000 barrels of crude oil per day. In 2015, work continued on the expansion of the pipeline. Partitioned Zone Chevron holds a concession to operate the Kingdom of Saudi Arabia's 50 percent interest in the hydrocarbon resources in the onshore area of the Partitioned Zone between Saudi Arabia and Kuwait. The foreign currency derivative contracts, if any, are recorded at fair value on the balance sheet with resulting gains and losses reflected in income. Chevron also requires that sufficient resources be available to execute these plans.
The Duri Field Area 13 steamflood expansion was completed in 2015 with all wells on production and injection by year-end. Mafumeira Sul, the second development stage for the Mafumeira Field in Block 0, has a design capacity of 150,000 barrels of liquids and 350 million cubic feet of natural gas per day. Additional capacity is scheduled to be added through the end of 2016 to reach the design capacity of 1. Specifically, the income statement helps investors and creditors predict the amounts, timing, and uncertainty of future cash. Net oil-equivalent production in the Partitioned Zone in 2014 was 81,000 barrels per day.
Production at the Chirag Oil Project ramped up in 2015, and drilling activities continue. Use technology and information resources to research issues in intermediate accounting Write clearly and concisely about intermediate accounting using proper writing mechanics. Drilling continued during 2015 on an expanded 16-well appraisal program. Employees of the Corporation and each other participating company Company or employees who are represented by a labor organization that has bargained for and agreed to participation in the Plan are eligible to participate in the Plan if they are on the U. Accordingly, we express no such opinion. At the end of 2015, proved reserves had not been recognized for the vertical expansion project. No production is expected in 2016 or 2017.
The company is a founding member of the Marine Well Containment Company, whose primary mission is to expediently deploy containment equipment and systems to capture and contain crude oil in the unlikely event of a future loss of control of a deepwater well in the Gulf of Mexico. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended in conformity with U. Concessions for the producing areas within this basin expire between 2036 and 2040. Two critical assumptions are the expected long-term rate of return on plan assets and the discount rate applied to pension plan obligations. The impairments were primarily in Brazil and the United States. Trustee and recordkeeping fees are netted from the net asset values.
Additionally, these amended standards require presentation of disaggregated activity within the reconciliation for fair value measurements using significant unobservable inputs Level 3 , beginning in 2011. Note: Wikipedia and other Websites do not qualify as academic resources. Our responsibility is to express an opinion on these financial statements based on our audits. The company will continue to monitor crude oil market conditions, and will further restrict capital outlays should current oil price conditions persist. During 2015, net oil-equivalent production averaged 28,000 barrels per day. Drilling was completed at the 50 percent-owned and operated Sicily exploration well in second quarter 2015, which resulted in a crude oil discovery. Installation of subsea facilities and completion of the two development wells continues to progress, with first gas planned for second-half 2016.
Feedstock for the plant originates from multiple fields and operators. The actual return for 2015 was slightly negative due to a broad decline in financial markets in the second half of the year. The company's interest is approximately 63 percent. During 2015, net oil-equivalent production averaged 1,089,000 barrels per day. In addition, two successful exploration wells were drilled in the Arthit Field.
Angola-Republic of Congo Joint Development Area Chevron operates and holds a 31. The development plan for the 60 percent-owned and operated Big Foot Project includes a 15-slot drilling and production platform with water injection facilities and a design capacity of 75,000 barrels of crude oil and 25 million cubic feet of natural gas per day. Further questions can be addressed to the Treasurer at 832 813-4100 or by e-mail at:. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Refer to the discussion below for additional information on environmental matters and their impact on Chevron, and on the company's 2015 environmental expenditures.