Chevron Corp. CEO, John Watson, has reported progress on its Australian Gorgon and Wheatstone Liquefied Natural Gas (LNG) projects, explaining that 2014 would be the year of peak spending on both ventures.
In the company’s Q4 2013 report, Watson commented: “We made significant progress on our LNG projects in Australia during the past year, with Gorgon almost 75% complete and Wheatstone successfully reaching important construction and LNG marketing milestones. We expect 2014 will be the peak year for spending on these two projects as we move them closer to first production.”
Key achievements in the final quarter of 2013 also included major new investments in the Vaca Muerta Shale in Argentina, and the Kitimat LNG Project in Canada.
Expenditures for 2013 included approximately US$ 4 billion for major resource acquisitions in Argentina, Australia, the Permian Basin and the Kurdistan Region of Iraq, along with additional acreage in the Duvernay Shale and interests in the Kitimat LNG Project in Canada.
In addition, work progressed on a number of major capital projects, particularly two Australian LNG projects and two deepwater Gulf of Mexico projects. Expenditures for upstream represented 90% of the company total last year.
Adapted from press release by Katie Woodward
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