Chevron and ExxonMobil plan to significantly accelerate extraction of oil and natural gas in the the Permian Basin in West Texas and New Mexico. Both companies announced on Tuesday that they plan to ramp up oil and natural gas extraction from the shale field in the coming years.
ExxonMobil announced plans to increase extraction for the Permian Basin to produce more than 1 million oil equivalent barrels a day in the next five years.
Chevron plans to more than double its oil and gas extraction to 900,000 barrels by the end of 2023. The company has plans of hitting 600,000 equivalent barrels by the end of next year.
The oil and gas will be transported to Gulf Coast refineries through the Wink-to-Webster, Permian Highway and Double E pipelines.