Chevron expects 2011 upstream capital investments of $22.6 billion, a 20% rise from 2010, as it undertakes major investments in LNG mega-projects in Australia and Angola, executives said Monday.
The majority of the increase, 60%, is directed toward major projects including advancing its Australian LNG projects at Gorgon and Wheatstone, as well as Angola LNG, said George Kirkland, Chevron vice chairman and executive vice president, during the company's annual analyst meeting Monday.
About $6 billion of the total is tapped for LNG projects, he added.
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