By Jeran Wittenstein
Oct. 30 (Bloomberg) -- Chevron Corp. and other Western oil companies may be unable to boost output because uncooperative governments block them from tapping some of the world's biggest oil fields, the Wall Street Journal reported.
Trouble finding reserves to offset declines in production from aging fields and cost cuts prompted by lower prices may cause a serious shortfall in supplies in two years, the newspaper said, citing Paul Horsnell, head of commodities research at Barclays Capital.
The five largest Western oil companies produced 3.2 percent less oil and natural gas last year than five years earlier, even after billions of dollars in investment, the Journal said.
Publicly traded oil companies may not be capable of raising production rates above current levels, the newspaper said, citing Chevron executive Ali Moshiri, who leads the company's exploration effort in Africa and Latin America.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net.
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