Friday, December 11, 2009
Chevron Corp. released its capital spending and exploratory budget program for 2010. The company has slated $21.6 billion for the program, 5% less than expenditures projected for 2009. Out of the $21.6 billion, $17.3 will be spent on upstream with $13.2 on its international upstream assets.
Some of those funds will be used to fund developments in West Africa; Nigeria and Angola specifically. In Nigeria investment will be used on the Usan and Agbami developments and in Angola the company will be developing its Block 14 deepwater assets.
“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.
Chevron will also spend about $1.7 billion on international downstream with a portion of that going into the construction of the company’s LNG project in Angola.
Source: http://petroleumafrica.com/read_article.php?NID=8787
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