Chevron to spend $22.6 billion upstream in 2011

Chevron Corp. says it plans to spend $22.6 billion on upstream oil and gas exploration and production projects worldwide in 2011.

Offshore staff

SAN RAMON, California – Chevron Corp. says it plans to spend $22.6 billion on upstream oil and gas exploration and production projects worldwide in 2011.

"We are moving into a period of higher capital spending as we fund new legacy projects, including sizeable investment in our LNG mega projects," said George Kirkland, Chevron vice chairman.

The upstream projects to be funded include: 

• Western Australia - development of Gorgon and Wheatstone natural gas resources and associated LNG facilities

• U.S. Gulf of Mexico - deepwater exploration and development, including Jack/St. Malo, Tahiti-2, Big Foot, Perdido, and Buckskin appraisal

• Brazil - development of the Papa Terra and Frade deepwater fields

• Nigeria - development of the Usan and Agbami deepwater fields and construction of the Escravos gas-to-liquids facility

• Angola - construction of an LNG facility

• Thailand - development of the offshore Platong II natural gas project. 

• China - development of the Chuandongbei natural gas project

• Canada - Athabasca Oil Sands expansion and Hebron development

• United Kingdom - development of the offshore Clair Ridge Field in the West of Shetlands area.

12/09/2010

More in Company News