Chevron, which was among the first oil and gas majors to cut spending plans this year, said it expects total capital and exploratory budget through 2025 to be between US$14 billion (£10.44 billion) and US$16 billion. The earlier forecast was between US$19 billion and US$22 billion.
Despite the cut to the budget, the company expects to raise investments in key areas like the Permian Basin, helped by an anticipated drop in capital needed for a major expansion in Kazakhstan.
The company also set the budget for next year at US$14 billion, the same as 2020, and kept aside US$11.5 billion for exploration and production related activities. Its downstream refining and related operations were allocated US$2.1 billion.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03122020/chevron-makes-cuts-to-capital-budget/