ChevronTexaco executives said the spike in capital spending was largely because its planned large projects were at a stage that required heavy expenditures. It plans to invest $10 billion in its capital and exploratory spending program next year, up $1.5 billion from this year.
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Chevron Texaco Reveals its Plans
ChevronTexaco is also considering bidding on a Libyan oil exploration licensing
US oil and gas firm ChevronTexaco Corp. said on Tuesday it plans to raise capital spending 18 percent in 2005, investing heavily in regions like West Africa and the deep waters of the Gulf of Mexico.
ChevronTexaco is also considering bidding on a Libyan oil exploration licensing round in January and is in the early stages of talks to pursue other opportunities to tap into the African nation's oil wealth, Chief Executive Dave O'Reilly told reporters.
At its annual analysts' meeting in New York, the company stuck to its production target of achieving 3 percent average annual growth target over the five years up to 2008 and forecast proceeds of over $3 billion this year from selling assets.
ChevronTexaco executives said the spike in capital spending was largely because its planned large projects were at a stage that required heavy expenditures. It plans to invest $10 billion in its capital and exploratory spending program next year, up $1.5 billion from this year.
ChevronTexaco executives said the spike in capital spending was largely because its planned large projects were at a stage that required heavy expenditures. It plans to invest $10 billion in its capital and exploratory spending program next year, up $1.5 billion from this year.
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