US-based oil and gas company Chevron has outlined its strategy for the years to come. Most of the Chevron's future growth will be driven by the Permian Basin, where the company added almost 7 Gboe of resource in the Permian Basin and doubled its portfolio value over the 2017-2018 period. The group expects unconventional net production to reach 600,000 boe/d by the end of 2020 and 900,000 boe/d by the end of 2023, a nearly 40% increase compared with its previous forecast. Overall, Chevron expects its global oil and gas production to grow by 3-4%/year through 2023. Its annual capital spending should range between US$19bn and US$22bn over the 2021-2023 period.
Meanwhile, Chevron's competitor ExxonMobil has also revised its Permian Basin growth plans and currently expects to deliver more than 1 mboe/d of oil and gas production starting from 2024, an increase of 80% compared with the current output. Its resource base in the basin reaches about 10 Gboe and is likely to grow even further. ExxonMobil currently has 48 drilling rigs in operation in the Permian basin and plans to increase its rig count to approximately 55 by the end of 2019.