Chevron said it plans to spend about $8.5 billion this year on the construction of LNG projects.
The company is currently building two giant LNG projects in Australia, namely the Gorgon and Wheatstone project.
Chevron slashed its capital and exploratory investment program for 2015 by 13 percent. It aims to invest about $35.0 billion this year.
“Although commodity prices have fallen recently, we believe long-term market fundamentals remain attractive,” said Chairman and CEO John Watson. “Our investment priorities are ensuring safe, reliable operations and progressing our queue of projects under construction. Once on-line, these new projects are expected to measurably increase our production and cash generation,” he said.
LNG World News Staff; Image: Chevron