Chevron doubles $pending in $earch of new oil in Africa
Chevron, one of the largest oil companies in the world, will double the amount of money it spends in search of more oil. Over the next five years, Chevron will spend about $20 billion in Africa alone, which is thirty percent more than it spent in the previous five years. Peter Robertson, vice chairman of Chevron, says of oil, "The world is saying it needs it." That's a hard point to argue against these days. Despite the fact that much of the world is concerned with global climate change and the need to find alternatives to petroleum, oil is still the commodity which runs the world. Like Chevron, Exxon, the world's most profitable company, is also spending big bucks looking for additional supplies of oil. You know, if all else fails, we could just melt down Greenland. We've heard that there is plenty of oil there just waiting to be found.
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[Source: Bloomberg]
Reader Comments (Page 1 of 1)
ZeitgeistXIII 11:31AM (6/05/2008)
Maybe spend some on alternative fuel concept development?
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chug 5:17PM (6/05/2008)
The free market at work: supply and demand.
When alternatives to oil are profitable, you will see large companies get into them. (Of course, ZeitgeistXIII, you are free to invest your money today in alternative fuel concept development.)
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\\\ 4:49AM (6/13/2008)
I believe he is referring to venture capitalism. "Less money on hand now, means more for later." There is no simple economic answer to the equation. However, this shows that the simple prospect of more money will allow the Afircan continent to be raped once again.
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rhinus maximus 3:34PM (6/26/2008)
Chevron is already one the biggest developers of solar power and is the world's biggest producer of geothermal power. Check out their Chevron Energy Solutions division www.chevronenergy.com .
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