Chevron expects production growth from 2019 to 2024

Oil&Gas Materials 3 March 2020 16:26 (UTC +04:00)

BAKU, Azerbaijan, March 3

By Leman Zeynalova - Trend:

US Chevron company expects production growth from 2019 to 2024, Trend reports with reference to the company.

Chevron said it continues to execute its lower-risk and disciplined capital program, highlighted by its world-class Permian Basin position, the major expansion in Kazakhstan, and an attractive queue of deepwater opportunities in the Gulf of Mexico.

The company expects compound annual production growth greater than 3 percent from 2019 to 2024, excluding any future unannounced asset sales.

“Our long-term production profile is strong and growing. We have a deep unconventional resource base and expect to see sustained production over 1 million barrels per day in the Permian through 2040 at relatively flat activity levels,” said Jay Johnson, executive vice president, Upstream. “Our experience and technology edge in the deepwater should enable continued development in the Gulf of Mexico, Brazil, and West Africa, and we have long-lived, low-decline assets in Australia and Kazakhstan. On top of this foundation, we have additional organic opportunities already in our portfolio that could attract future capital and deliver upside.”

The company continues to invest in the future of energy to meet the world’s need for affordable, reliable and ever-cleaner energy. This includes lowering its carbon intensity cost efficiently, increasing renewables in support of its business, and investing in potential breakthrough technologies such as alternative fueling infrastructure and carbon capture.

“Our approach delivers greenhouse gas reductions in the short term while making investments in potential future breakthrough technologies for the long term,” Wirth added. “Chevron has the scale, capability and balance sheet strength to advance the innovations that will play a significant role in the future of energy.”


Follow the author on Twitter: @Lyaman_Zeyn