Chevron To Invest $33 Billion In Nigeria, Angola, Others

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VENTURES AFRICA – Leading energy multinational, Chevron Corporation, has disclosed plans of a $33 billion investment in exploration and production activities, including major natural gas-related projects in Nigeria and two other African countries, as part of its $36.7 billion capital and exploratory investment programme for 2013.

In a recent statement, the company said that its major capital investments for the next year include developments in Australia, Nigeria, the United States deep-water Gulf of Mexico, Kazakhstan , Angola and the Republic of Congo.

“Next year’s programme supports several projects currently under construction, including our Australian LNG projects and United States deepwater developments. As these and other projects come online, we anticipate production will reach our 2017 goal of 3.3 million barrels per day,” Mr. John Watson, the Chairman and Chief Executive Officer of Chevron, said.

He stated that a budgeted capital expenditure also is directed toward improving the company’s crude oil and natural gas recovery and reducing natural field declines for existing producing assets across the globe.

Upstream spending in 2013 for major capital projects includes further development of Nigeria’s Usan and Agbami deepwater fields and construction and plant commissioning of the Escravos gas-to-liquids facility.

Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States, with operations in over 180 countries across the globe. It is a major player across the value chain of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation.