Chevron Announces $5.2 Billion Capital Spending Program

Thursday, January 27, 2000
Chevron Corp. has announced a $5.2 billion capital and exploratory spending program for 2000. "Our spending program reflects continued confidence in our company's prospects for growth," said Chevron Chairman and CEO Dave O'Reilly. "We'll devote the majority of our capital dollars to developing the high potential of our extensive worldwide upstream portfolio." The 2000 plan is 16.5 percent less than estimated actual 1999 spending because of two acquisitions. The company plans to invest $3.6 billion, or 69 percent of total 2000 spending, in worldwide exploration and production. Spending in the U.S. will be $1.3 billion. The program includes funding for growth projects in the U.S., where deep-water gross production reached 98,000 bpd of oil and equivalent gas from the Gemini and Genesis fields at year-end 1999; and in Canada, where the company will participate in the Athabasca Oil Sands Project (20 percent interest). In the U.S., the development of a third project, Typhoon, has been authorized, with first oil production expected by mid-2001. In addition, six deep-water exploratory wildcat wells will be drilled this year. Chevron will also increase its participation in the U.S. power sector through increased investment in Dynegy Inc. The Canadian project is targeted to produce 155,000 bpd of bitumen for upgrading to high-quality synthetic crude oil. First production is scheduled for late 2002.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Seadrill Hopes to See Market Turn in 2017

Offshore rig driller Seadrill is facing another two years in the doldrums but hopes the international rig market could turn around in 2017.   Rig rates have more

Eni Arctic Service Rig Extension Okayed

Italian oil company Eni has received permission from Norway's Petroleum Safety Authority to extend the use of a service rig on its troubled Arctic Goliat oil field offshore Norway until Nov.

Oil Spill Statfjord North Sea Field - Statoil

Loading of tankers suspended, unclear when it will resume. Oil spilled into the North Sea during the loading of a tanker at Norway's Statfjord field on Thursday, operator Statoil said.

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3911 sec (3 req/sec)