Shell Oil to spend $ 3.8 bn in 1997

Dec 18, 1996 01:00 AM

American Shell Oil capital and exploratory expenditures for 1997 are projected to be $ 3.8 bn, an increase of $ 100 mm over 1996 and about equivalent to anticipated expenditure this year. Around $2.5 bn of the amount is allocated for exploration and production activities. Oil product expenditure is expected to be $800 mm. Both of these amounts are roughly equivalent to expected 1996 expenditure. Chemical product expenditure is put at $500 mm next year, down slightly from the expected 1996 level. Philip J. Carroll, Shell Oil president and chief executive officer. said: "The exploration and production expenditure program supports our continuing efforts to accelerate production from our Gulf of Mexico discoveries. Based upon encouraging results from our existing operations, existing and planned developments, and expected new opportunities, our anticipated average annual production growth rate through 2001 is about 15 % for both oil and gas."

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