Chevron boosts exploration budget by 50% and expands into new regions
Chevron has increased its exploration spending by 50 percent. The company will target projects in South America, Africa and the Eastern Mediterranean, covering countries such as Guyana, Angola, Namibia, Nigeria, Guinea‑Bissau, Equatorial Guinea, Egypt and other Eastern Mediterranean sites. Kevin McLachlan, hired from TotalEnergies, now leads the expanded program, which builds on acreage added over the past two years.
Key facts
- Exploration budget rise amounts to a 50% increase over the previous allocation.
- Kevin McLachlan, formerly with TotalEnergies, now heads the program.
- New exploration acreage has been acquired during the last two years.
- The expansion includes eight specific countries across three regions.
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Why it matters
Higher investment may raise future oil output and affect global energy markets.
What changed
First published from OilPrice.com