Petroleum Africa
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Friday, December 13, 2013
Chevron Corp.’s capital and exploratory investment program for 2014 is slated to be $2 billion less than it was in 2013. The company has slated $39.8 billion for 2014. Included in the 2014 program are $4.8 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron.
Of the $39.8 billion the company estimates that 90% of the 2014 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Another 8% is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives, and petrochemicals.
Chevron’s upstream investment will include several African countries – Angola, Nigeria, and the Republic of Congo (ROC). In Nigeria funds will be funneled into further development of the Usan and Agbami deepwater fields. Angola’s Mafumeira Sul development is also on the budget books and in ROC Chevron will spend some cash on the development of the Moho Nord field.
Global exploration funding is expected to be $3.2 billion in 2014. This planned spending includes initial appraisal of new acreage acquired over the past two years, including acreage recently acquired in Morocco.
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