• Wednesday, 16 May, 2012

Chevron set to boldly go

By Anthony Guegel

 16 December 2011 01:22 GMT

CHEVRON plans to pour $28.5 billion, over 87% of its $32.7 billion capital budget, into exploration and field development projects worldwide next year.

However, the total capital budget for 2012 is lower than the estimated $33 billion in total investments for 2011.

The 2011 budget estimate includes $4.5 billion for the acquisition of Atlas Energy, which closed earlier in the year.

Chevron chief executive John Watson said that, as a result of these investments, the company expects net crude and natural gas production to grow about 20% to 3.3 million barrels per day by 2017.

“Our 2012 capital programme includes spending of nearly $9 billion in the United States, with major new investments in the deep-water Gulf of Mexico, the Marcellus shale in Pennsylvania and our refinery at Pascagoula, Mississippi,” Watson said.

In the Gulf of Mexico, projects under development include Jack-St Malo, Big Foot, Tahiti 2 and Tubular Bells. Both the Jack-St Malo and Big Foot projects are about 20% complete, and first production for both projects is expected in 2014.

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index

Recruitment
See all available positions
Events
2
06.05.2012

06

May

06.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »
07.05.2012

07

May

07.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »
08.05.2012

08

May

08.05.2012 -  20th Middle East Petroleum & Gas Conference (MPGC 2012)

MPGC 2012 will be held from 6-8 May and is returning to Bahrain again, on the occasion of its 20th Anniversary. The conference will be held under the Patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy-Chairman of National Oil & Gas Authority, Kingdom of Bahrain and with National Oil & Gas Authority (NOGA) & The Bahrain Petroleum Company (Bapco) as hosts.
The Conference Connection Inc
Read more »