• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Chevron plans to spend $14 billion on oil and natural gas production in 2024

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
151
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Chevron plans to spend $14 billion on oil and natural gas production in 2024

Chevron will allocate $14 billion for upstream investments in 2024, the company said in a budget update that saw the total capex planned for 2024 at between $18.5 billion and $19.5 billion.

That would be an 11% increase on 2023 spending, Reuters noted in a report on the news.

Of the amount dedicated to upstream investment, Chevron plans to spend two-thirds on domestic projects. Of that sum, $6.5 billion will be spent on shale oil and gas, Chevron said. Almost all of that shale spending, or $5 billion, will go towards developments in the Permian.

At the same time, Chevron said it will allocate a quarter of its total U.S. investments for Gulf of Mexico projects, including the Anchor project scheduled to start commercial production in 2024. The Anchor project, which was greenlighted in 2019, is the first deepwater high-pressure oil development project in the region.

The company will also spend about $1.5 billion on offshore operations in Kazakhstan, with the sum constituting half of its affiliates budget for 2024.

Investments planned for the downstream segment are significantly smaller than the upstream total, at $1.5 billion, with 80% of this to be spent at home, Chevron also said.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

“Included in the upstream and downstream budgets is approximately $2 billion in lower carbon capex to lower the carbon intensity of traditional operations and grow new energy business lines,” the company said, adding “Chevron’s Geismar renewable diesel expansion project is expected to start-up in 2024.”

In pursuit of its oil and gas expansion plans, Chevron in October took over Hess Corp. for $53 billion in stock. The acquisition has given the company access to the Stabroek Block in Guyana, where Hess and Exxon have tapped more than 11 billion barrels in oil reserves.

“We’re maintaining capital discipline in both traditional and new energies,” CEO Mike Wirth said. “These investments are expected to underpin durable free cash flow growth to support our objective of returning more cash to shareholders.”

Continue Reading
Source: oilprice
Via: norvanreports
Tags: ChevronChevron plans to spend $14 billion on oil and natural gas production in 2024oil and natural gas production

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.