Exxon and Chevron are betting big on oil and gas assets in the Americas as they seek to capitalize on abundant resources with good returns closer to home.
Both U.S. supermajors have said in their releases about the 2023 capital budget allocation that they would focus on the Permian and a handful of oil and gas projects in North and South America.after the Russian invasion of Ukraine, and Chevron saw its concession agreements in Indonesia and Thailand expire.
. Exxon, for its part, has either sold or is trying to sell assets in Nigeria, Egypt, and Chad, among others. last month that its investments in 2023 were expected to be in the range of $23 billion to $25 billion “to help increase supply to meet global demand.”More than 70% of Exxon’s capital investments will be deployed in strategic developments in the U.S. Permian Basin, as well as in Guyana, Brazil, and LNG projects around the world.
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