Chevron earmarks $7 billion for offshore oil & gas moves in Guyana, Mediterranean and US Gulf

December 4, 2025, by Melisa Cavcic

U.S.-headquartered energy giant Chevron has unveiled its multibillion-dollar budget for next year, setting aside around $7 billion for offshore oil and gas plays across Guyana, Eastern Mediterranean, and the Gulf of America (U.S. Gulf of Mexico).

Man with a hardhat with words "Chevron" on it with an offshore rig in the background — Illustration; Source: Chevron

While revealing an organic capital expenditure (capex) range of $18 to $19 billion for consolidated subsidiaries in 2026, at the low-end of the long-term guidance range of $18 to $21 billion, Chevron elaborates that affiliate capital expenditure (affiliate capex) is expected to be $1.3 to $1.7 billion next year.

According to the company, the total U.S. spend is anticipated to be about $10.5 billion, more than half of the 2026 capex budget. Upstream is forecast to get the lion’s share of approximately $17 billion.

While nearly $6 billion is estimated for the shale and tight assets in the United States that include Permian, DJ, and Bakken, underpinning anticipated U.S. production of more than two million barrels of oil equivalent per day, the global offshore capex is planned to be approximately $7 billion.

This is anticipated to primarily support growth in Guyana, Eastern Mediterranean and the Gulf of America. The firm highlights that the upstream spend entails about $0.4 billion in capitalized interest, primarily related to Guyana assets.

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Mike Wirth, Chevron’s Chairman and CEO, commented: “Our 2026 capital program focuses on the highest-return opportunities while maintaining discipline and improving efficiency, enabling us to grow cash flow and earnings. We’re positioned to deliver superior shareholder returns while advancing investments that strengthen long-term value.”

The energy giant points out that downstream capex is expected to be approximately $1 billion, with nearly three-fourths allocated to the U.S. Within total upstream and downstream budgets, about $1 billion is dedicated to lowering the carbon intensity of operations and growing new energies businesses, while corporate and other capex is expected to be around $0.6 billion.

Details of 2026 organic capex and affiliate capex budgets; Courtesy of Chevron

The capex disclosure follows on the heels of Chevron’s deal with TotalEnergies to get hold of a partial stake in two exploration licenses offshore Nigeria.