U.S. energy company ConocoPhillips targets growth in North America

2012-12-08 02:03:03 GMT2012-12-08 10:03:03(Beijing Time)  Xinhua English

HOUSTON, Dec. 7 (Xinhua) -- U.S. energy company ConocoPhillips said Friday it will spend 15.8 billion U.S. dollars on capital projects in 2013, largely targeting growth in North America and the exploration of unconventional resources.

"Similar to 2012, next year's investments will be directed predominantly toward high-quality growth projects and programs that are already in execution mode, as well as exploration opportunities to build inventory for the future," said Ryan Lance, chief executive of ConocoPhillips.

About 60 percent of the company's spending next year will be allocated to North America, while around 40 percent will be directed to Europe, the Asia Pacific and other international businesses, Houston-based ConocoPhillips said.

Some 40 percent of ConocoPhillips' capital budget will fund production in the company's existing assets, with a focus on unconventional drilling in liquids-rich areas of the continental U. S., including the Eagle Ford, Bakken, Barnett and Niobrara regions. Dry gas plays will receive minimal funding, reflecting rock-bottom natural gas prices.

Thirty-five percent of the budget will focus on ConocoPhillips' major projects, including oil sands in Canada and a coalbed methane-to-liquefied natural gas joint venture in Australia. Another 15 percent of the capital budget will go toward exploration activities, including projects in the deep-water Gulf of Mexico and shale regions internationally, the company said.

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