Last year US supermajor Chevron produced no oil or gas in the Mena region. Now, it has production in three separate countries and CEO Mike Wirth is quick to praise the “large, low cost resource base” that the firm has in the region. Regional production won’t be approaching that of Total or ExxonMobil any time soon, but Chevron can look forward to production growth from all three of these producing assets.
While Chevron is cutting back its 2022-2025 capital guidance from $19-22bn annually to $14-16bn, with an expected $14bn for 2021, the firm sees some of its Mena holdings as key to its growth plans. (CONTINUED - 2001 WORDS)
