Prize money for the first women's major of next year will increase by 60 per cent after Chevron was announced as the new sponsor.

The prize fund for the newly-named Chevron Championship (formerly the ANA Inspiration) has been boosted to 5million US dollars but there are other changes in venue and scheduling planned for 2023.

Next year's event, to be played from March 31 to April 3, will remain at the tournament's traditional home of Mission Hills Country Club in California but will move to a venue in the Houston area - home to around 8,000 Chevron employees and contractors - and a later date in the spring in 2023.

"We are so grateful for Chevron's extraordinary commitment to the LPGA and to the overall player experience and look forward to a long and successful relationship," said LPGA commissioner Mollie Marcoux Samaan.