Ryan Krogmeier, Chevron's vice president of crude supply and
trading, told the S&P Global Platts APPEC conference in
Singapore that the company would increase its output from the
Permian Basin, largely situated in Texas and New Mexico, to over
400,000 barrels per day over the next few years.
"We will be investing roughly $4 billion, next year, of capital
in the Permian Basin, and we plan to grow production over the
next several years to well in excess of 400,000 bpd," he said.
Chevron expects crude oil output from all producers operating in
Permian to rise by 1.4 million bpd in 2020, from 2.4 million bpd
at present.
"The Permian is the powerhouse (of U.S. crude output growth),"
Krogmeier added.
(Reporting by Mark Tay; Editing by Richard Pullin and Joseph
Radford)
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