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Chevron announces $32.7B capital and exploratory budget for 2012; LNG and deepwater investments propel a step change

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Chevron Corporation announced a $32.7 By 2017, we expect our net crude oil and natural gas production to grow about 20 percent to 3.3 Approximately 87% of the 2012 spending program is budgeted for upstream crude oil and natural gas exploration and production projects. Angola: Angola LNG and development of Mafumeira Sul.

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Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. billion vs. $1.6 billion) and $1 billion ($2.5

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INPEX and Total launch the $34B Ichthys offshore Australia LNG Project; entire 8.5 Mt/y LNG output already sold for 15 years

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Japan-based INPEX Corporation and its joint venture partner Total have made the final investment decision (FID) for the Ichthys liquefied natural gas (LNG) project in Australia, representing an investment of US$34 billion dollars. Location of the Ichthys project. Source: INPEX. Click to enlarge.

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Pensana plans $125M rare earth separation facility in England

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The Saltend plant would purify rare earth sulfates, which would be imported from the company’s Longonjo mine in Angola. Lynas Corporation of Australia, currently the world’s largest non-Chinese producer, last year produced around 4,700 tonnes of magnet metal oxides from its facility in Malaysia.

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ExxonMobil Reserves Replacement in 2008 Was 103% of Production

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billion oil-equivalent barrels—the bulk of it from Canadian oil sands—replacing 103% of production. These additions assume the long-term pricing basis that the corporation uses to make its investment decisions, rather than single-day, year-end pricing. billion oil-equivalent barrels. billion oil-equivalent barrels.

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