Where does LatAm fit in Chevron's plans?
Chevron listed Colombia, Argentina, Venezuela and Brazil among countries that will play an important role in upstream growth over the coming years.
The major is aiming for hydrocarbon output growth of 4-9% this year before asset sales, upstream executive VP Jay Johnson said Tuesday during an investor presentation, with US$1bn earmarked for exploration.
Chevron's Latin America portfolio includes conventional assets in Colombia and Argentina, heavy oil acreage in Venezuela, deepwater working interests in Brazil's Campos basin and 50% of the Loma Campana JV targeting Argentina's Vaca Muerta shale formation in the Neuquén basin.
Oil production at Loma Campana (pictured) was 154,866m3 in December, up 26% year-on-year, according to data from the Argentine energy ministry.
Horizontal drilling costs at Vaca Muerta have fallen to around US$8mn/well from US$17mn/well, YPF chairman Miguel Ángel Gutiérrez said this week, according to a Reuters report.
Chevron is also among the firms vying for the chance to develop the Ayín-Batsil shallow water field in Mexico in a 50:50 partnership with NOC Pemex.
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News in: Oil & Gas
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