Gorgon, Wheatstone to drive Chevron growth
US Major Chevron says its Australian natural gas developments and a large queue of major capital projects around the world will position the company for future growth.
Speaking to financial analysts in New York, chief executive officer John Watson said the company was poised for another decade of upstream growth.
“2009 was an outstanding year, capping a decade of performance improvements achieved through consistency in strategy and execution,” he said.
“Chevron has held a long-term view favouring aggressive upstream investment, and the company is poised for another decade of upstream growth.
“We expect a substantial production increase mid-decade as our portfolio shifts towards natural gas and Asia.”
Executive vice president global upstream and gas George Kirkland said the company has confidence in delivering its extensive and diverse queue of projects.
He said the highlight for Chevron during 2009 was the performance of its upstream and natural gas business.
Oil and gas production increased 7% in 2009 while the company added 1.1 billion barrels of net proved reserves, replacing 112% of its production.
“Our execution success demonstrates our capability to deliver large-scale projects,” Kirkland said.
“This gives us confidence to deliver the next generation of projects, in particular the Gorgon and Wheatstone LNG developments in Australia.”
Meanwhile, the company said 2000 staff positions would be cut from its downstream business due to difficult global market conditions.
Wednesday, 10 March 2010
PNN
PNN
