Chevron Raises Exploration Budget by Over 50%

Chevron Corporation (NYSE:CVX) is significantly increasing its oil and gas exploration activity next year. The company plans to drill about 20 exploration wells, compared with 10 wells two years ago, along with another five or six appraisal wells.

The increased spending comes after a period of weaker exploration activity. According to Wood Mackenzie data, the company's conventional exploration and appraisal spending fell 36% to $1.82 billion during 2021-2025 compared with the previous five-year period.

Chevron is also committing billions to expand production elsewhere. The company has secured exploration blocks in various regions, including Brazil, Egypt, Guinea-Bissau, the Gulf of Mexico, Namibia, Peru, and Suriname.