Chevron Corp. will invest about US$4 billion in Asia this year, mostly for petroleum exploration and production, a company executive said Friday. «The company sees Asia as a very attractive place for investment for future growth,» Steve Green, managing director of Chevron Asia South Ltd., told Dow Jones Newswires in an interview. Chevron plans to spend US$20 billion this year and 20 percent of that will be spent in Asia, he said. The company's major plans for Asia include developing the Gorgon liquefied natural gas project offshore Australia, building petroleum production in Indonesia and Thailand, and exploring for oil and gas in Bangladesh, Cambodia and Vietnam, he said. Asia accounts for a quarter of Chevron's 62 billion barrels-of-oil-equivalent in global reserves. The company plans to increase its global production by an average of 3 percent a year from now to 2010, Green said.
