Chevron cutting production growth forecast in response to lower prices

In response to lower oil prices, Chevron slowed its production growth forecast, saying it planned to reduce investment in some fields until economics on those projects improve.

However, the company still plans to spend “heavily in the new, complex projects that underpin its long-term growth strategy,” according to a report from Dow Jones newswire.

Local Chevron representatives declined to say how the new plans might impact the White Hills exploration program south of the Kuparuk River unit, calling it a “tight” program.

There have been reports that Chevron suspended work at the prospect this winter.

Chevron recently received four drilling permits for exploration work at White Hills this winter, following three wells the company drilled at the oil and gas prospect last year.

—Petroleum News