Chevron is increasing investment in oil and gas exploration in remote, undeveloped regions after years of focusing on lower-risk projects closer to home. Soaring energy prices have boosted profits and strengthened the company’s cash reserves, supporting the shift.
The company now directs half of its exploration capital to frontier basins, up from roughly 20% a few years ago. The search for major discoveries aims to replenish reserves and spans regions across Africa, South America and the eastern Mediterranean.