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Chevron Corp. plans to move massive, billion-dollar oil and gas projects to the Permian Basin in West Texas and eastern New Mexico.

The Hobbs News-Sun reports Chevron chairman and CEO John Watson recently announced Chevron will put more of its budget into the Permian Basin while cutting costs elsewhere. He made the announcement at the company’s annual security analyst meeting last month.

Watson predicted by 2020, Chevron could pump up to 350,000 barrels a day from the Permian — almost triple its current 125,000 barrels a day.

The Permian Basin is around 250 miles wide and 300 miles long, stretching across West Texas and southeastern New Mexico. It encompasses several sub-basins, including the Delaware Basin in southern Eddy and Lea counties and the Midland Basin in Texas.