Chevron will invest $4 billion next year to ramp up its crude oil production in the Permian Basin in west Texas and eastern New Mexico, according to Ryan Krogmeier, the company’s vice president of crude supply and trading. The Chevron executive told the S&P Global Platts APPEC conference in Singapore that the company would increase its production in the basin to more than 400,000 B/D over the next few years. Chevron expects basin crude oil output from all producers to climb to 2.4 million B/D by 2020, a 1 million B/D increase from the current level.
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