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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Yamal LNG Arctic Project in Doldrums

The massive $27 billion Yamal LNG liquefied-natural-gas venture in the Arctic Circle, a centerpiece of President Vladimir Putin’s plan for Russia has been squeezed by U.

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.3488 sec (3 req/sec)