Conoco to spend $ 2.25 bn in 1997

Dec 19, 1996 01:00 AM

Conoco will spend about $2.25 bn for capital items and cash exploration expense during 1997, roughly equal to 1996 expenditures. Some $1.6 bn will be spent internationally, with $650 mm planned for work in the United States. Of the budgeted amount, most will be spent for worldwide exploration, production and natural gas activities. Refining, marketing and transportation expenditures will be about $560 mm, with another $75 mm earmarked for the company's global power business. In Malaysia, Conoco will be at peak spending levels for construction of a 100,000 barrel-per-day refinery at Melaka, in partnership with Petronas and Statoil. This refinery will be the anchor for our downstream growth in Asia Pacific. In Venezuela, major work will begin to develop a 55,000-acre tract in the Orinoco region to ultimately produce 120,000 barrels per day of heavy crude in a joint venture with Maraven. In addition, seismic work will accelerate on the two exploration blocks in which Conoco is participating. Closer to home, Conoco will be putting significant money into the Ursa oil and gas field in the deepwater Gulf of Mexico, where Shell is the operator. And construction will be gearing up on the drillship commissioned by Conoco's joint venture with Reading & Bates.

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