HOUSTON, Oct 7 (Reuters) - Chevron ( CVX ) on Tuesday
named a new head of global exploration as CEO Mike Wirth works
to improve the company's track record in discovering new sources
of oil and gas.
Kevin McLachlan will become vice president of exploration
effective Nov. 1, succeeding veteran executive Liz Schwarze, who
will retire in February after 36 years with Chevron ( CVX ), the U.S.
oil major said on Tuesday.
McLachlan has experience at several rival oil firms, most
recently as senior vice president of exploration at French oil
major TotalEnergies. He also previously held positions
at Murphy Oil ( MUR ), Nexen and Exxon Mobil ( XOM ).
Wirth has expressed disappointment with recent exploration
results. The company closed its
acquisition of smaller oil producer Hess
in July, giving a
much-needed boost
to Chevron's ( CVX ) oil and gas reserves. Wirth said exploration
needs to play an important role in the strategy going forward.
"I'm not happy with the results out of exploration over the
last few years," he said in August during the second-quarter
earnings conference call. He did acknowledge that the
exploration team had been operating in a narrow range with
reduced investment as Chevron ( CVX ) focused on growing U.S. shale and
balancing capital discipline.
Countries where Chevron ( CVX ) will pursue frontier exploration
include Suriname, Namibia and Egypt, said vice chairman Mark
Nelson during the August conference call.
In January, Chevron ( CVX ) said it did not find commercial
hydrocarbon reserves at an exploration well in
Namibia's Orange Basin
. UK-based Shell was also dealt a blow in the country,
writing down $400 million over an oil discovery it deemed
commercially unviable.
(Reporting by Arunima Kumar in Bengaluru and Sheila Dang in
Houston; Editing by Anil D'Silva and David Gregorio)