Chevron Raises Exploration Spending By 50%

S. S. oil and gas supermajor Chevron returns to high-impact frontier exploration as it seeks to renew its portfolio with diverse opportunities globally. Exploration in South America, Africa, and the Eastern Mediterranean is now a key focus of Chevron's upstream business, which the company looks to turn around by adding reserves and production growth opportunities in Guyana, Angola, Namibia, Nigeria, Guinea-Bissau, Equatorial Guinea, Egypt, and the Eastern Mediterranean.

S. supermajor is boosting its exploration spending in its revived exploration program, led by vice president of exploration, Kevin McLachlan, who took over the exploration arm last year. Chevron recruited McLachlan from France's TotalEnergies, where earlier this decade the executive oversaw work at one of the biggest and most promising recent discoveries in a frontier areathe Venus discovery in Namibia's offshore Orange…