Chevron Taps MENA For Output Boost

Chevron is targeting a 25% increase in its oil and gas production by 2017 from about 2.6mn boe/d in 2013 with the Middle East expected to play a pivotal role in the expansion.

The company intends to invest around $3.2bn in exploration and appraisal in 2014 with the focus on Iraqi Kurdistan, Morocco and Australia.

The US major’s overall production has edged lower in each of the last three years, dipping below 2.6mn boe/d for 2013. This is...