Chevron Corp. said Thursday it will spend $21.6 billion on its capital and exploratory program for 2010, including $4.1 billion in the United States. Spending will be down 5% from projected 2009 spending.

Earlier this month ConocoPhillips said it would reduce 2010 North American spending in 2010 by 10% from this year (see Daily GPI, Dec. 3).

Global upstream spending for 2010 totals $17.3 billion, Chevron said. Included in the plan is $1.6 billion of expenditures by affiliates, which do not require cash outlays by the producer’s consolidated companies.

CEO Dave O’Reilly said 80% of the coming year’s spending will be directed at upstream natural gas and oil exploration and production (E&P) worldwide. Another 16% is going to downstream businesses.

“Much of our 2010 spending continues to be on large, multiyear projects consistent with our upstream growth strategies and on improving operating efficiency and reliability,” O’Reilly said.

Major E&P projects in the United States are to include deepwater exploration and development projects in the Gulf of Mexico, which include Jack-St. Malo, Perdido, Tahiti, Tonga and Big Foot. In Canada the Athabasca oilsands are on the list for expansion. Chevron also plans to develop its Gorgon and Wheatstone natural gas projects in Western Australia, including liquefied natural gas facilities. In addition the company has plans to develop projects offshore western Africa and in the Gulf of Thailand.

About $900 million also is budgeted for chemicals, technology, power generation and other corporate activities in 2010, Chevron said.

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