Chevron expands oil exploration with higher profits

Chevron is accelerating oil and gas exploration in Africa, South America, and the Mediterranean, with 50% of its exploration capital now targeting undeveloped regions, up from 20%. The company plans to drill up to 20 exploration wells annually, half in new basins, after reporting first-half profits exceeding $14 billion. Chevron is also deploying AI and advanced seismic technology to identify new reserves. The expansion follows soaring energy profits attributed to the Iran war.

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