• Wednesday, 16 May, 2012

US giant puts $10bn on table

 17 December 2004 00:00 GMT

CHEVRONTEXACO has unveiled a $10 billion spending programme for 2005, most of which will be spent on five big development projects as part of its plan to increase production by at least 3% compounded over the next five years, writes Anthony Guegel.
About 74% of total spending, or $7.4 billion, is targeted for investment in exploration, production and global gas-related projects, including $2.5 billion in the US.

The bulk will be spent on what ChevronTexaco calls its "Big 5" world-class projects Benguela/Belize and Lobito/ Tomboco off Angola; Tengizchevroil's Sour Gas Injection/Second Generation Plant project in Kazakhstan; the Agbami field off Nigeria; the Tahiti spar development in the US Gulf; and Australia's Greater Gorgon development.

In the deep-water US Gulf, ChevronTexaco said appraisal and engineering work for the Tahiti and Blind Faith finds will continue into 2005.

ChevronTexaco chief executive David O'Reilly and other officials revealed the plans during a presentation to security analysts on Tuesday.

Vice chairman Peter Robertson said, however, that reserves replacement in 2004 will be low, primarily due to the timing of large projects.

ChevronTexaco also touted its integrated gas business, and highlighted its gas-to-liquids growth initiative with planned facilities in Nigeria and Qatar.

Asset sales are expected to exceed $3 billion this year.

ConocoPhillips' board has also approved 2005 cash capital expenditures of around $6.9 billion, 75% of which will be allocated to exploration and production and midstream segments.

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