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Chevron is targeting a 25% increase in its oil and gas production by 2017 from about 2.6mn boe/d in 2013 with the Middle East expected to play a pivotal role in the expansion.
The company intends to invest around $3.2bn in exploration and appraisal in 2014 with the focus on Iraqi Kurdistan, Morocco and Australia.
The US major’s overall production has edged lower in each of the last three years, dipping below 2.6mn boe/d for 2013. This is less than 2% of total global output, Christopher Bradley, UAE Country Chairman for the firm’s local subsidiary Chevron Al Khalij, told the MPGC conference in Dubai on 13 April. New fields will need to be developed over the next eight years to make up for natural declines and meet rising domestic demand in the MENA region, he said. (CONTINUED - 656 WORDS)