Whilst Chevron does of course still have considerable overseas interests, it is striking that Permian-thinking is dominant even here. The two key non-US growth areas laid out alongside and subsequent to its Q3 results both relate to shale: in both Canada’s Duverney and Argentina’s Vaca Muerta, Chevron says it is looking to apply lessons learned in the Permian.
It’s a similar picture with US mini-major Occidental for whom the Permian alone is set to account for over half of 2017 capex, and whose overseas focus is very much on trying to maintain production for as low a spend as possible. And to the extent that the firm is looking to spend overseas, it is looking for Permian analogues. (CONTINUED - 225 WORDS)
