Chevron announces $19.6-billion capital and exploratory budget for 2007

08 December 2006

Mumbai: US-based oil and gas major Chevron Corporation (NYSE: CVX) has announced a $19.6-billion capital and exploratory spending programme for 2007, with a predominant focus on global oil and gas exploration and production projects.

Its 2007 budgetary allocation is a 20-per cent increase from outlays of approximately $16 billion in 2006.

"Our 2007 capital and exploratory program is a record level of investment by our company," said chairman and CEO Dave O'Reilly. "About 75 per cent of next year's budget is for oil and gas exploration and production projects worldwide," he added.

O'Reilly also said, "Another 20 per cent is dedicated to the company's global refining, marketing and transportation businesses which manufacture and sell gasoline, clean diesel fuel, biofuels and other refined products in the company's marketing areas."

He said that the 2007 budget included the $6.7 billion of total investment in the US.