US Chevron makes Permian shale top priority

(MENAFN) Chevron Corp's Vice-Chairman said that the company is making the oil-rich Permian shale formation a top investment priority, The Peninsula Qatar reported. The second-largest US oil company is aiming to return home with this move, looking forward to turn its West Texas land into one of its top five assets by 2020. Chevron, which has operated in the Permian since the 1920s, has been slow to follow its rivals in West Texas up until now, who over the last five years have used new techniques to recover previously unreachable oil. "We have such a good acreage position and we're looking for a high production over a long period of time. In 2020, we'll be looking at (the Permian) as one of our top five assets in the whole company," he said.