Chevron is preparing to more than double its conventional exploration and appraisal drilling activity in 2027 as the US energy major seeks to rebuild its discovery pipeline, according to the Financial Times.
The company expects to drill around 20 exploration wells and a further five or six appraisal wells next year, compared with ten wells two years earlier. Its exploration budget is set to increase by more than 50% from 2025 levels.
Kevin McLachlan, who joined Chevron from TotalEnergies to lead its exploration business, said the company has increased investment in seismic data to generate new prospects. Chevron is targeting opportunities across South America, Sub-Saharan Africa and the Eastern Mediterranean, with Namibia, Guyana, Guinea-Bissau and Egypt among the areas attracting attention.
The renewed exploration drive follows a period in which Chevron concentrated heavily on lower-risk shale developments. Between 2021 and 2025, its conventional exploration and appraisal expenditure fell by 36% to $1.82 billion compared with the preceding five-year period, according to Wood Mackenzie data cited by the Financial Times.
Chevron has since expanded its exploration position, securing acreage in Brazil, Egypt, Guinea-Bissau, the Gulf of Mexico, Namibia, Peru and Suriname. Its total exploration acreage has reportedly doubled since 2024.
Technology will also play a larger role. Through an initiative known as the “exploration moonshot”, Chevron is applying artificial intelligence to prospect evaluation and drilling decisions. The company is additionally drawing on exploration expertise gained through its acquisition of Hess, including experience from Guyana’s prolific offshore discoveries.
The strategy represents a return to portfolio-scale frontier exploration, combining broader acreage exposure, increased seismic investment, AI-assisted interpretation and a larger drilling programme. Its success will ultimately depend on whether that investment produces commercially material discoveries.
Source: Financial Times – Chevron plans drilling spree as it overhauls oil and gas search
