Chevron set to spend $26bn

Chevron, the second-largest US oil company, said yesterday it will increase spending 20 per cent to $26 billion next year, with 85pc of the budget allocated to oil and gas exploration and production.
Rising demand for crude oil from emerging and developed countries and stable output from Opec are helping to reduce a surplus in global oil markets, factors that provide oil and gas companies with the confidence to raise spending.
"We are moving into a period of higher capital spending as we fund new legacy projects, including sizeable investment in our liquefied natural gas mega projects," George Kirkland, Chevron vice-chairman, said.
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Source: Gulf Daily News