CHEVRON'S INVESTMENT $4 BLN
REUTERS - Oil major Chevron Corp will next year invest around $4 billion to ramp up its crude production in the Permian Basin area of the United States, a company executive said on Monday.
Ryan Krogmeier, Chevron's vice president of crude supply and trading, told the S&P Global Platts APPEC conference in Singapore that the company would increase its output from the Permian Basin, largely situated in Texas and New Mexico, to over 400,000 barrels per day over the next few years.
"We will be investing roughly $4 billion, next year, of capital in the Permian Basin, and we plan to grow production over the next several years to well in excess of 400,000 bpd," he said.
Chevron expects crude oil output from all producers operating in Permian to rise by 1.4 million bpd in 2020, from 2.4 million bpd at present.
"The Permian is the powerhouse (of U.S. crude output growth)," Krogmeier added.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.