Peter Robertson, ChevronTexaco's Vice Chairman, yesterday announced the company's 2005 capital and exploratory budget, which was set at US$ 10 billion. Most of the capital spending was targeted for upstream investment in exploration, production and global gas-related projects. "We will continue to select projects that represent the best economic opportunities," Mr Robertson said.

He explained that ChevronTexaco's upstream programme for 2005 included continued investment in high-impact exploration opportunities in the deepwater Gulf of Mexico and West Africa, but also in other regions. "Major 2005 spending on longer-term projects" would be focused in four countries: Angola, Nigeria, Kazakhstan and in the Gulf of Mexico.

In Angola, the US oil giant was to remained focused on "ongoing investment in near-shore producing fields following the recent Block 0 concession renewal." Further, ChevronTexaco was to invest heavily in the Sanha condensate project and in deepwater developments at Benguela/Belize.

In Nigeria, ChevronTexaco principally was to continue its large-scale investments in the ongoing deepwater developments at Agbami. According to Nigerian authorities, total investments of some US$ 2.5 billion are foreseen in the Agbami project, although ChevronTexaco is not the sole investor.

Also yesterday, ChevronTexaco Chairman and Chief Executive Officer David O'Reilly announced the company's relative performance in 2003 and through the first nine months of 2004, saying this had "significantly improved" since the years before. Also Mr O'Reilly emphasised on the important role of the company's operations in the Gulf of Guinea regarding the improving financial results.

During the presentation, George Kirkland presented operations in Angola and Nigeria as the two principal in the company's "Big 5 world-class projects" that are planned to come on line between 2006 and 2009 and which are expected to have "a significant impact on the company's production growth." The "Big 5" included Benguela/Belize and Lobito/Tomboco in Angola and the Agbami field in Nigeria, according to Mr Kirkland.

Other announced investments by the company in Angola and Nigeria included plans for a "reduction of natural gas flaring through the construction of pipelines, liquefied natural gas facilities and a world-scale gas-to-liquids plant," according to ChevronTexaco. Finally, a gas-to-liquids (GTL) growth initiative was also under way, with planned facilities in Nigeria.

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