ConocoPhillips sets 2006 Asia-Pacific E&P capex at $1b
Saturday, December 10 2005 - 12:42 AM WIB
US oil major ConocoPhillips will spend US$ 1billion in capital expenditure in its Asia-Pacific upstream operations.
The company said most of the funding would support the continued development of Bohai Bay in China; oil and gas reserves offshore Block B and onshore South Sumatra in Indonesia; and the Bayu-Undan project in the Timor Sea. The company did not give detailed breakdown.
ConocoPhillips is the operator of Natuna Sea Block B with 40 percent working interest. The block produces crude and gas, which is exported to Singapore and Malaysia. The company is the operator and 54 percent interest holder of Corridor onshore gas-producing block in South Sumatra. (alex)