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Chevron: plans 20 billion dollar spending budget for 2019

( - US oil giant Chevron plans to spend 20 billion dollars for capital and exploratory projects next year, the company said in a statement on Thursday.

This exceeds the 18.3 billion dollar envelope the group budgeted for capital and exploratory spending for 2018.

The San Ramon, California-based company said it expects expenditure for its upstream businesses to reach 17.3 billion dollars next year, driven by growing production assets for Texas' Permian Basin.

Its plan also includes 4.3 billion dollars to grow its Tengiz oil field in Kazakhstan.

In its downstream business, only 2.5 billion dollars of investments have been budgeted for 2019 so far.

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