Chevron Announces $17.3 Billion Upstream Capital and Exploratory Budget for 2010
2009.12.11 -
Industry
Spending of $17.3 billion is planned for exploration, production and natural gas-related projects. Major capital projects include development of the Gorgon natural gas project in Western Australia and opportunities in the deepwater U.S. Gulf of Mexico, offshore western Africa and the Gulf of Thailand. Funding is also planned for focused appraisal in core hydrocarbon basins.
"Our upstream investments are aimed at finding and developing oil and gas resources to help supply the energy needs of economies around the world," said George Kirkland, Chevron's executive vice president of Upstream and Gas.
Major upstream spending expected in 2010 includes activities in the following areas:
- Western Australia - development of Gorgon and Wheatstone natural gas resources, including LNG facilities.
- U.S. Gulf of Mexico - deepwater exploration and development, including Jack-St. Malo, Perdido, Tahiti, Tonga and Big Foot.
- Brazil - development of the Frade and Papa Terra fields.
- Nigeria - development of the Usan and Agbami deepwater fields.
- Angola - construction of LNG facilities and development of Block 14 deepwater assets.
- Thailand - development of the offshore Platong Gas II project.
- China - development of the Chuandongbei natural gas project.
- Canada - Athabasca Oil Sands expansion.
A new study published today by analysts Douglas-Westwood The World Deepwater Market Report 2008-2012 forecasts that nearly $25 billion will be spent annually in deepwater capital expenditure by 2012. Speaking at the Deep Offshore Technology International Conference 2007, Stavanger, today, John Westwood, Douglas-Westwood MD commented that “the deepwater oil & gas industry is set for continued growth through to 2012, with over 30% growth forecast for the 2008-2012 period when compared with the previous five years.
The Arctic will become increasingly important, not least because of oil and gas, believes Norwegian foreign minister Johan Gahr Støre. But Norway will not be planting a flag at the North Pole.
BP is today announcing proposed plans for important changes to its North Sea organisation, headquartered in Aberdeen, designed to secure a long-term future for the company's oil and gas business in the UK.
GE Energy announced today it has completed the acquisition of Sondex plc to further expand its capability and expertise in oil & gas drilling and wireline technology.
ODIM ASA has reached agreement today on acquiring ABAS Crane of Aukra and Aker Brattvaag Winch in Søvik for a total of NOK 80 million. These two companies deliver such products as special cranes, lifting systems and specialised electrical winches for ships and offshore installations
