Unocal announces 1998 $ 1.5 bn spending plans
Jan. 7, 1998 Unocal plans to spend $ 1.5 bn on exploration and development in 1998, up from the $ 1.3 bn spent this
year. It said its capital expenditure plan would focus on exploration efforts in the US Gulf of Mexico and
Asia.
About 37 % of the planned capital expenditures, or almost $ 555 million, are earmarked for low-risk oil, gas and
geothermal exploration projects in areas with proven reserves. This compares to the $ 315 mm spent on similar
exploration projects this year.
"We believe we can significantly grow our production and reserves through the drill bit with an aggressive but
intelligent exploration programme," said Roger C Beach, Unocal Chairman and Chief Executive. "We have an outstanding
portfolio of exploration prospects in the Gulf of Mexico, Indonesia, Azerbaijan, Vietnam, Bangladesh and elsewhere,
and our spending plan next year will enable us to begin exploiting those opportunities."
Unocal said it would spend about $ 1.33 bn of forecast 1998 capital spending on worldwide petroleum exploration and
production activities, up 17 % from the $ 1.14 bn estimated to have been spent this year.
