In the company's upstream business, approximately US$8 billion is allocated to currently producing assets, including about US$3 billion for Permian Basin unconventional development and approximately US$1.5 billion for other shale and tight assets worldwide. Additionally, US$3 billion of the upstream programme is planned for major capital projects underway, of which about US$2 billion is associated with the Future Growth Project and Wellhead Pressure Management Project (FGP / WPMP) at the Tengiz field in Kazakhstan. Finally, approximately US$1.5 billion is allocated to exploration, early-stage development projects, midstream activities and carbon reduction opportunities.
“The 2022 capital budget reflects Chevron’s enduring commitment to capital discipline,” said Chevron Chairman and CEO Mike Wirth. “We’re sizing our capital program at a level consistent with plans to sustain and grow the company as the global economy continues to recover.”
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/02122021/chevron-announces-us15-billion-capital-and-exploratory-budget-for-2022/