Texaco account card news: Chevron announces reserves increased last year
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01 March, 10 Texaco's parent company Chevron has announced that in 2009 its oil and gas reserves increased by one per cent, reports Reuters. Chevron, which is the second largest oil and gas company in the US, said that net reserves from its consolidated companies grew to 8.3 billion barrels of oil equivalent last year, a five per cent increase. Further increases in the company's reserves are planned for 2010. Perdido, one of Chevron's projects in the Gulf of Mexico, is expected to be producing oil in the first half of this year. The company also announced investment in African developments: in Congo, Angola and Nigeria, production is planned to increase. The boost of oil production by the company will coincide with the departure of executive vice-president Charles James from the firm, who plans to leave the organisation in May. However, the company's website says: "Charles will have an ongoing consulting relationship with Chevron and we look forward to drawing on his deep understanding of the law and our business." Posted by Sean Webb 
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