Chevron plans to spend on upstream oil and gas

Energy provider Chevron has announced a $26bn (£16.5bn) capital and exploratory spending programme for 2011, including $2bn of expenditures by affiliates that do not require cash outlays by Chevron.

Acquisition costs associated with the recent purchase of Atlas Energy are not included.

Approximately 85 per cent of the 2011 spending programme is for upstream oil and gas exploration and production projects worldwide.

Another 10 per cent is associated with the company’s downstream businesses that manufacture, transport and sell gasoline, diesel fuel and other refined products, fuel and lubricant additives and petrochemicals.