BP, ConocoPhillips set capital budgets

Petroleum News

ConocoPhillips Alaska’s 2004 capital budget has been set at $600 million, up from an actual capital spend of $530 million in 2003, Darren Jones, the company’s vice president for Kuparuk and Cook Inlet told the Kenai chapter of the Alaska Support Industry Alliance Jan. 20. Daren Beaudo, spokesman for BP Exploration (Alaska), told Petroleum News Jan. 14 that BP has a 2004 capital estimate for Alaska of $660, “which is right on par” with the company’s 2003 capital spend. In a stable investment environment, Beaudo said, the company sees opportunities to maintain “capital investment in that neighborhood for the next five years.”

Jones said the majority of ConocoPhillips Alaska’s spend would be for Prudhoe Bay, Kuparuk and the company’s western North Slope operations, and includes ongoing construction of the company’s fourth and fifth Endeavour class double-hulled tankers.