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NaveenS
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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions (http://www.1derrick.com/ma-database). Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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Derrick Petroleum Services
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1Derrick
  • Chevron To Add 800 MBOE/d By 2017 0 comments
    Mar 12, 2014 4:58 AM | about stocks: CVX

    Chevron announced that it plans to produce approximately 3.2 MMBOE/d in 2017, up from 2.6 MBOE/d in 2013. The planned 800 MBOE/d rise will be achieved by ramping up existing projects, and new start-ups.

    Production outlook by 2017

    · Asia-Pacific: About 1 MMBOE/d, up 45% from 690 MBOE/d produced in 2013; driven by Gorgon and Wheatstone projects in Australia

    · North America: Approximately 850 MBOE/d, up 17% from 728 MBOE/d produced in 2013; key projects include Jack/St. Malo and Big Foot in GoM and Permian assets onshore US

    · Africa & Latin America: Nearly 800 MBOE/d, up 35% from 592 MBOE/d produced in 2013; key projects include Mafumeira Sul and ALNG off Angola

    · Europe, Eurasia and Middle East: Marginally lower than 2013 production of 587 MBOE/d

    Jay Johnson, Chevron's SVP for the Upstream division, stated: "Our plan for production growth is solid and will be driven by near-term project ramp-ups as well as our larger major capital projects which begin starting up later this year. These projects are attractive, and when combined with profitable production growth from our shale and tight resource developments, are expected to add over 800 MBOE/d by 2017."

    In May 2013, Chevron announced that it is on track to produce 3.3 MMBOE/d by 2017.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: 1Derrick, Gorgon, Wheatstone, GoM, Angola Stocks: CVX
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