(chevron) --
Chevron said Tuesday its oil and gas production will inch up this year but it
expects output to jump 20% in five years as massive liquefied natural gas (LNG)
projects in Australia commence operations. Chevron officials noted that annual
production could vary depending on oil prices.
During the company's
annual meeting with analysts in New York, Chevron executives said production
will rise 0.26% to 2.68 million bpd of oil equivalent this year, and to 3.3
million bpd of oil equivalent by the end of 2017.
Those estimates are up
from 2.67 million bpd of oil equivalent it produced in 2011. The 2017 projection
is based on an oil price average of USD79/bbl, the company said.
Chevron, based in San Ramon, Calif. and the second largest US oil company by
market value after ExxonMobil, said annual production could vary depending on
oil prices. The company has in place several share production sharing contracts
with foreign governments that give more production to national oil companies -
and less to international oil companies - when oil prices rise. |