Chevron Opens Its Wallet.

Chevron just announced that its 2007 capital and exploratory spending budget will be 20% higher than last year at a whopping $19.6 Billion. CEO Dave O'Reilly was quoted in the company press release saying that 75% of that budget would be dedicated to oil and gas exploration projects.

The company states:

"Capital and exploratory spending of $14.6 billion is budgeted for exploration, production and natural gas-related projects. A significant component of this spending relates to upstream development projects that are building on the company's successful and focused exploration results in recent years, including opportunities in the deepwater U.S. Gulf of Mexico and western Africa."

Some of Chevron's more high profile upstream projects in 2007 include:

* U.S. Gulf of Mexico - deepwater exploration and development, including
Tahiti, Great White Perdido, Blind Faith and Jack.
* Angola - deepwater developments, including Tombua Landana, and
construction of LNG facilities.
* Republic of the Congo - development of the Moho-Bilondo Field.
* Nigeria - continued development of the deepwater Agbami Field, and
additional deepwater exploration.
* Kazakhstan - expansion of the Tengiz Field.
* Australia - further development of the Greater Gorgon Area natural gas
resource offshore Western Australia.
* Canada - expansion of the Athabasca Oil Sands Project.
* Brazil - development of the Frade Field.

Chevron Announces $19.6 Billion Capital and Exploratory Budget for 2007 [Company Press Release]