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Investing.com -- Chevron (NYSE:CVX) is making strides in its plans to meet the power demand of data centers. The oil giant has recently moved into the permitting and engineering stages for several sites in the U.S. where it intends to develop these centers and generate the electricity needed to power them, according to Reuters, citing a company executive.
This move comes as part of a larger trend within the oil industry. Both Chevron and Exxon Mobil (NYSE:XOM) announced last year that they would begin generating power for data centers for the first time. This power is primarily derived from the natural gas they produce. Historically, the bulk of power generation by oil majors has been utilized for their own operations.
Daniel Droog, vice president of power solutions at Chevron, expressed that customer interest is high. He shared these comments during an interview at the CERAWeek conference in Houston earlier this week. The company is seeking to meet the growing demand as clients build new or expand existing facilities at a pace that outstrips current power supply.
Chevron’s aim is to develop data center sites and power plants with a capacity of around 1 GW. These are expected to become operational by 2027 or 2028, according to Droog. The executive emphasized the company’s focus on scale, speed, and reliability in this endeavor.
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