2024-02-15 04:19:16
US oil majors Exxon and Chevron plan to aggressively increase production in the Permian Basin in 2024, which could lead to US production growth exceeding forecasts, as was the case in 2023. Bloomberg reports this, Day.Az reports with reference to Gazeta.ru.
According to sources, Chevron intends to increase production by 10% compared to 2023 and bring it to 1 million barrels per day in the Permian Basin by 2025. This is more than double the growth rate of other independent oil producers in the region.
Exxon also plans to increase production by 7%. With the $60 billion purchase of Pioneer Natural Resources completed, Exxon’s total production is expected to more than double. The company currently produces 650 thousand barrels of oil per day in the Permian Basin, not including Pioneer.
Analysts say Exxon and Chevron’s production growth rates in the region are being closely watched as they are already the largest producers. Any increase comes from a high base and will impact global supplies.
In 2023, US production growth exceeded expert forecasts, which put pressure on prices and increased contradictions within OPEC+. Exxon and Chevron’s plans could mean a similar situation could happen again this year.