Major US oil companies Exxon and Chevron plan to actively increase production in the Permian Basin in 2024, which may exceed forecasts for the growth of production in the country, as in 2023.
Publika.az “Bloomberg” agency reported on this.
According to sources, Chevron intends to increase production by 10% compared to 2023 and reach 1 million barrels per day in the Permian Basin by 2025. This is twice the growth rate of other independent oil producers in the region.
Exxon plans to increase production by 7%. Exxon’s total production is expected to more than double after the $60 billion acquisition of Pioneer Natural Resources. Currently, the company produces 650,000 barrels of oil per day in the Perm Basin, excluding Pioneer.
U.S. output growth in 2023 has exceeded expert forecasts, putting pressure on prices and increasing tensions within OPEC+. Exxon and Chevron’s plans could mean a similar situation could happen again this year.
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