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OPEC+ Agrees To Deeper Output Cuts

OPEC+ Agrees To Deeper Output Cuts

The OPEC meeting ended with…

Chevron Announces $36.7 Billion Capital Expenditure Budget for 2013

Chevron Corp. (NYSE:CVX) announced yesterday that it has set an energy exploration and investment budget of $36.7 billion for 2013; about 12% more than this year’s budget.

About 90% of the budget has been set aside for upstream crude oil and natural gas projects including exploration and production, whilst 7 percent is intended for downstream business such as gasoline, diesel, and other refined products, and lubricant additives.

The budget will also go towards projects such as the Australian LNG terminal and deep water wells in the US.

Last year Chevron announced that it had approved the development of a multi-billion dollar LNG project in Western Australia which upon completion will be one of the largest natural gas projects in the world; the project has been called Gorgon.

Related Articles: Chevron Waits for Romanian Vote to Decide Shale Fate

Part of the reason for Chevrons increased budget maybe due to the fact that the cost for the Gorgon project has risen from $37 billion up to $52 billion. Higher labour costs, logistical challenges, delays due to weather, and a strengthening of the Australian dollar have all been contributing factors to the vast increase.

Gorgon is expected to be completed in late 2014, with the first shipments of LNG going out at the beginning of 2015.

Vice Chairman George Kirkland said, “while investment requirements have grown, oil prices, which directly impact the overall revenue stream, have increased by approximately 80 percent over the same time period. In addition, the LNG nameplate capacity has increased by 4 percent to 15.6 million tons per year.”

By. Charles Kennedy of Oilprice.com



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  • Blaine on December 10 2012 said:
    Unfair? Unfair? That's all we ever hear from the bleeding heart liberals. Life is NOT FAIR. Some are born with great talent, intellect, passion, and a drive to succeed. Some are not born with these personal traits. That is LIFE. Do you want all of us to sit and do nothing so we can all be equally miserable? The oil and gas industry is TOUGH. Long hours of hard work, extremely high risk gambles that sometimes fail, billions and billions of dollars invested with years of work before any payoff is realized. Energy to fuel homes, schools, cars, computers, and life as we know it.

    America is breaking down because liberals want to give everything away to everyone so as to secure votes to ensure that they stay in power. California is failing because they spent more than they took in, and most of the people they gave the benefits to cannot or will not produce enough to pay any significant taxes to fund all of the giving away. Work and produce. Take care of the needy. Some will live better than others. When we all have the same, we will all be equally miserable.

    "Envy is the only one of the seven deadly sins that does not even give a moment of pleasure." Unknown
  • chevron on December 09 2012 said:
    The great anomaly is given as the great chasm between an efficiently functioning profit-driven capitalist society and the human needs and desires of that society which go unmet, so that "profits" can be taken. In fact, the "profit" really amounts to the bread that is taken from the poor. The inequities and the unfairness of the corporate system are causing the breakdown of American capitalism and American democracy. The American catastrophe is causing the breakdown of the world economy for the same reason, the basic inability of monopoly capitalism to meet the basic needs demanded by the world's people!!!

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