Commodities / NEWS UPDATE
Chevron Raises Exploration Spending By 50%
Published · 1 min read
Chevron is increasing its exploration spending by 50% to focus on high-impact frontier exploration in South America, Africa, and the Eastern Mediterranean.
The company aims to add reserves and production growth opportunities in regions like Guyana, Angola, and the Eastern Mediterranean. Chevron's exploration budget for 2027 could top $1.5 billion, up from $1 billion in 2025, with plans to drill 20 exploration wells and possibly six appraisal wells. This strategy follows a significant increase in exploration acreage and recent discoveries in West Africa, reflecting a broader portfolio renewal and diversification effort.