United States oil giant, Chevron Corporation has planned $35.8billion upstream spending in 2014 for major capital projects in Nigeria, Angola, Canada, Argentina, United Kingdom and the Republic of Congo.
The $35.8billion is part of the $39.8 billion capital and exploratory budget for 2014, which includes $4.8 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron
The projects earmarked in Nigeria include a further development of the Usan and Agbami deep-water fields.
The 2014 budget is approximately $2 billion lower than expected total investments for 2013. For the current year, total investments are estimated at $42 billion, including expenditures of approximately $4 billion for major resource acquisitions not included in the original budget.
The Chairman and Chief Executive Officer of Chevron Corporation, Mr. John Watson said the company expected that 2013 would be a relative peak year for investments, as it completed several attractive resource acquisitions.
“We also anticipate 2014 will represent the peak year for spending on our Australian LNG projects as we move them closer to first production. Overall, we have an attractive portfolio of investment opportunities which we will continue to fund in a disciplined fashion to grow value and shareholder distributions,” Watson said.
Approximately 90 percent of the 2014 spending programme is budgeted for upstream crude oil and natural gas exploration and production projects. Another eight percent 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.
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© dARA for Royal Times of Nigeria Newspaper, 2013. |
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posted in Business by Tunde LEMUEL