US oil and gas company ConocoPhillips said it would spend about $7 billion on capital projects
US oil and gas company ConocoPhillips said it would spend about $7 billion on capital projects for the second phase of development of an oil field in China's Bohai Bay in 2005, with 75 percent of that amount earmarked for exploration and development projects and Conoco?s midstream business.
The first phase of the project started producing in Dec. 2002 and is now producing about 20,000 barrels of oil per day.
The Chinese National Development and Reform Commission signed a contract in Dec. 1994 giving ConocoPhillips the right to explore the 1.6 million acre Block 11/05.
ConocoPhillips operates the block and has a 49 percent working interest in its development.
