U.S. energy giant Chevron to invest $ 26bn 2011 (AFP)

NEW YORK (AFP) – Chevron, the second largest American energy company, on Thursday announced it will spend $ 26 billion in 2011 in investments and oil and gas exploration and production.

"We have an unparalleled set of opportunities. Our previous investments has done, "said give us cash and financial strength to finance many attractive projects in quick succession, Chevron CEO John Watson in a statement.

"At the same time, we are committed and able to reward shareholders with competitive dividend growth and share repurchases."

San Ramon, California-based company said it will invest $ 22.6 billion in exploration and production activities, including major natural gas-related projects in Western Australia.

Chevron also said that it would carry out development projects in deep-sea species in u.s. Gulf of Mexico, West Africa and the Gulf of Thailand.

Another 2.9 billion dollars will go towards the downstream operations, including the project at its refineries in Mississippi and California which focuses on improving yields, said.

Chevron reported in October, a third-quarter profit of $ 3.8 billion, down 1.6% from the same period last year.

The company's shares were 0.8% on Wall Street at 1500 GMT on Thursday.

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Chevron hikes spending 20 percent for growth (Reuters)

HOUSTON/SAN FRANCISCO (Reuters) – Chevron Corp (CVX. N), the second-largest u.s. oil company, will increase spending by a fifth to A $ 26 billion in 2011, with 85% will exploration and production industry seeks out new sources of growth.

Extended budget, announced on Thursday, is a big step for Chevron as it enters a period of low net production growth while it ramps up for natural gas. Massive rival Exxon Mobil Corp (XOM. N) budgeted expenditure for 2010 30 billion dollars.

Spending by oil companies is expected to rise across the Board now that global oil demand has recovered and seems likely to grow needs of major growth markets.

"All look at the oil, and it will go up--you were China and India. My guess is these guys to do very well, "says Mark Coffelt, Chief Investment officer at empiric Advisors in Austin, Texas.

-I am not surprised that capital budgets, and perhaps surprising is that they do not come up even more. "sa Coffelt, which does not currently hold Chevron shares.

Chevron offers a glimpse of the challenges that the oil majors face to bring about new production that existing fields decline. Its annual GDP growth is expected to be 1% until 2014, followed by 4-5% over the three years after the new liquefied natural gas projects are going on line.

"We are entering a period of higher capital expenditures we finance new older projects, including significant investments in our LNG mega projects," George Kirkland, Chevron, vice President and head of global upstream and gas, said in a statement.

These include the Gorgon and Wheatstone projects of Western Australia, LNG processing facilities to serve them; they eat only up well over 50 billion dollars over the next half-decade or so, even if half of the cost of the Gorgon will be shared with partners Exxon and Royal Dutch Shell Plc (RDSa. L).

EXPENDITURE IN ACCORDANCE WITH

Gorgons, specify that cost about $ 37 billion, will start in 2014, followed by Wheatstone two years later. Their combined peak production, corresponding to 710,000 barrels per day, compared with Chevrons latest worldwide oil and gas output 2.74 million barrels per day.

With these two new crude oil in the mix and more difficult to obtain, estimated Chevron gas will be 41% of its production by 2017, compared with 31 percent now. And the estimate came before it went to buy u.s. natural gas producer Atlas energy (ATLS. O) in November.

Gåsögons total budget of EUR 21.6 billion in 2010, $ overshadowed by its 2011 exploration and production spending, estimated at US $ 22.6 billion at 31 percent.

Containing investment Atlas, although acquisition itself is not included in the budget, "said a spokesman for Chevron. Exxon's $ 30 billion plus 2010 budget covers the expenses for its large natural gas acquisition, XTO.

Gåsögons refining budget is $ 2.9 billion, down from $ 3.4 billion budgeted for this year. A decline in the sector has led the company to slash downstream costs.

Included in 2011 budget expenditure at refineries in Mississippi and California which aims to improve yield.

Shares in San Ramon, California-based Chevron was up 30 cents to $ 86.44 in afternoon trading on the New York Stock Exchange.

(Reporting by Anna Operates in Houston and Braden Reddall in San Francisco, editing by Gerald e. McCormick, Dave Zimmerman and John Wallace)

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California Panel the Chevron marine terminal rental (AP)

SAN DIEGO – a State panel on Friday approved the Chevron Corp. 's request for 30 years to renew its lease for a Terminal outside the Los Angeles County coast where tankers deliver oil sjökabel tubes to a refinery on the Beach marina.

2-1 Vote by the California State Lands Commission came despite objections from oil spills and environmental activists concerned about the threat of whales hit by tankers in Santa Monica Bay to reach the Terminal outside the city of El Segundo. Some urged the shorter term of 10 years.

Supporters of long-term lease renewal judgment the refinery key role in petrol and diesel fuel to Southern California and to near Los Angeles International Airport, as well as its importance for the economy.

Haken will be charged a base rent of approximately 1.3 million dollars per year with annual adjustments on the basis of the consumer price index.

Refinery and offshore operation date to 1911. Tankers are a common site in South Bay, drag to the mooring places approximately 1 1/2 mile offshore where hoses from the ocean floor to ease oil by Underwater lines to storage tanks outside the beach.

During a public comment period before the vote up opponents memory of this year's Gulf spill after the explosion of a Rig drilling a deep sea good for BP PLC. They also pointed out that the Terminal in a few years will be the last such plant on the California coast.

Some advocates of oil supplies, rerouted through the port of Los Angeles, an idea which is hampered by the lack of pipeline capacity to transfer oil from the Harbour to the refinery.

Chris Thomason, Chairman of the Association El Segundo firefighters took note when he told the Panel that for more than 30 years of previous operations has never been a drill or training exercise between El Segundo Fire Department, Chevron Refinery fire department or mutual-aid agencies on marine terminal. He said his title is not even a boat to reach the area terminal and fire-fighters had no training in boarding ships or how to safely extinguish engine room fires on ships.

Chevron counteracted plans and coordination with the local fire brigade and other organs, and it is argued that any deficiencies involving the role of the local Department would be resolved quickly.

The Panel also heard the shipboard fire-fighting at sea should not be handled by the local fire brigade.

Panel, which also approved an environmental impact report by vote, was also strong support for the lease of 30 years from representatives of the company, a regional sportfishing association and some marine biology interests including a small local Aquarium which receives funds from Chevron.

El Segundo Mayor Eric Busch said Chevrons environmental record at the terminal was exemplary.

"All of the oil that has gone through this Terminal during recent decades, Chevron had only two spills," he said.

Busch said spills with 2 400 BARRELS in 1980 and 200 BARRELS in 1991 and purge operations began immediately.

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