Petroleum Africa
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Thursday, January 12, 2006
On January 11 Amerada Hess Corporation announced its $4 billion capital and exploratory expenditure program for 2006, which includes $413 million for the acquisition of Egyptian assets from Apache Corporation and $366 million for the re-entry to the Waha concessions in Libya. “We are pleased to have such excellent investment opportunities to sustain profitable growth for our company,” said Chairman and CEO John Hess.
Excluding acquisitions, $3.1 billion is targeted for Exploration and Production and about $125 million is for marketing and refining. “Our exploration and production program in 2006 results largely from planned investments in world-class field developments such as Okume, JDA Phase II, Pangkah, and Shenzi, and growth opportunities in new country entries, including Egypt, Libya, and Russia. Additionally, higher industry-wide costs for services and materials contribute to the increase in expenditures,” said Hess.
The company’s 2006 spending program includes about $1.4 billion for field developments, two in Africa. Part of the $1.4 billion will go for the development of the Okume Complex, an oil development offshore Equatorial Guinea and also for a redevelopment project in Algeria on the Gassi El Agreb oil field.
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