A Review of the Nigerian Energy Industry

Chevron targets 20% production growth by 2017

13 March 2012, Sweetcrude, HOUSTON – US supermajor, Chevron says it is on track to achieving 20 per cent growth in production by 2017.

The company hopes to actualise the dream by focusing on the execution of major capital projects and stepping up exploration activities.

It also plans to improve downstream returns, pursue targeted growth in petrochemicals and lubricants, and ensure financial strength to supports a robust investment queue within the target date, the company’s executives said Tuesday at its annual security analyst meeting in New York, United States.

George Kirkland , vice chairman and executive vice president, Upstream and Gas, at the event, recapped the 2011 results of the company, saying it outdid all its competitors in earnings and cash flow per barrel and return on capital employed last year.

Chevron reported full-year net profits of $26.9 billion in January, up from $19 billion a year earlier, on revenues up 23% to $244.4 billion.
The company also reported that oil and gas production dropped to 2.64 million barrels per day from 2.79 million in 2010.

Chevron is now investing heavily in new oil and gas projects for production growth that will not kick in until 2014, with a capital expenditure budget for 2012 of $32.7 billion.

Gary Luquette, president of Chevron’s exploration and production arm in North America, highlighted the supermajor’s widening deepwater, heavy oil and unconventional portfolio, pointing out that Chevron now held eight million acres of shale lands.

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