Chevron Boosts Exploration Efforts with Ambitious Drilling Plans

Chevron plans to dramatically increase its exploration and production (E&P) activities next year, according to VP of Exploration Kevin McLachlan. The company aims to drill 20 exploration wells and 5-6 appraisal wells, a significant jump from the 10 wells drilled two years ago.

McLachlan was recruited from TotalEnergies last year to turn around Chevron's disappointing E&P performance. Under his leadership at TotalEnergies, McLachlan's teams won several awards for exploration excellence and discovered the Venus oil field in Namibia.

Chevron has doubled its total exploration acreage since 2024 and is making larger bets to find oil and gas. McLachlan highlighted various hotspots of activity, including Namibia, Guyana, Guinea-Bissau, and Egypt, but cautioned against trying to 'pick winners.'