Chevron anticipates an increase of nearly 20% in its oil and natural gas production figures by 2017, the company said. Some of Chevron's major production ventures around the world, including new oil wells in ultra-deep Gulf of Mexico waters and a large natural gas project in Australia, are on track for completion, Chairman and CEO John Watson said.
ConocoPhillips won't ask Alaskan regulators to extend the export license for its liquefied natural gas facility in Nikiski. Conoco will consider an extension only if there are adequate gas supplies for export, and the company does not know if Alaska's Cook Inlet field contains such amounts, spokeswoman Amy Burnett said.
ExxonMobil has awarded Norwegian-based Kvaerner a $1.5 billion contract to provide services for the U.S. oil major's Hebron offshore project in Canada. Kvaerner has already carried out engineering and site preparation services for the project.
The American Petroleum Institute will unveil a new ad campaign in support of tax incentives enjoyed by oil and natural gas companies, as part of a larger push by industry groups and House Republican lawmakers. While some Democrats and the Obama administration have been seeking to eliminate such tax incentives, saying they are unnecessary, industry officials argue that higher taxes would stunt job generation and affect growing production.
A North Dakota industry group criticized a bill in the state's House of Representatives that seeks to streamline and simplify oil taxes, arguing it is a complicated and costly measure for energy firms. The bill would boost the effective tax rate for drillers by at least 1% and increase as production grows, said Ron Ness, president of the North Dakota Petroleum Council. "All we want is a clean, simple and fair tax policy," Ness said.