Chevron doubles $pending in $earch of new oil in Africa

Chevron, one of the largest oil companies in the world, will double the amount of money it spends in search of more oil. Over the next five years, Chevron will spend about $20 billion in Africa alone, which is thirty percent more than it spent in the previous five years. Peter Robertson, vice chairman of Chevron, says of oil, "The world is saying it needs it." That's a hard point to argue against these days. Despite the fact that much of the world is concerned with global climate change and the need to find alternatives to petroleum, oil is still the commodity which runs the world.
Like Chevron, Exxon, the world's most profitable company, is also spending big bucks looking for additional supplies of oil. You know, if all else fails, we could just melt down Greenland. We've heard that there is plenty of oil there just waiting to be found.


[Source: Bloomberg]

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