Chevron sees output growth from new projects

NEW YORK (Reuters) – Chevron Corp. said on Tuesday its new oil and natural gas projects will produce about 1.1 million barrels of oil equivalent per day by 2011, and it will keep exploration spending high in the coming years.

The production from those projects will give the company average annual output growth of at least 3 percent through 2010, it said.


“We are making progress on more than 30 oil and gas development projects that represent a Chevron investment of at least $1 billion each,” Chairman and Chief Executive Officer Dave O’Reilly said in a statement issued as part of a Chevron presentation to analysts.

Those projects would contribute to an average proved reserves replacement rate of more than 100 percent for the next five years.

Reuters