The country’s second largest energy company, Chevron, will increase its natural gas investment this year and cut back on selling fuel globally, John Watson, chairman and CEO, told CNBC Monday.
“We see the best opportunities to commercialize on our very large natural gas resource base that’s centered in Asia, while de-emphasizing the opportunities in the refining and marketing business, where for a decade we haven’t felt the returns quite as strong in that segment of the business,” said Watson.
Watson said Chevron's operations are centered in the U.S. and Asia, and that its presence is “underweight” in the Mideast, with no facilities at all in Libya.
The oil company is the largest lease-holder in the Gulf of Mexico. Watson said deep-water drilling in the gulf is safe and that standards have improved since the BP oil spill last year.