Plains E&P sets $430 million capital budget

By OGJ editors
HOUSTON, Dec. 14 -- Plains Exploration & Production Co., Houston, has allocated $430 million for capital projects next year and approved a $500 million stock repurchase program funded with cash flow in excess of capital investments.

Plains E&P earmarked 55-60% of the 2006 capital budget for development and production of existing proved reserves, 20% for exploitation projects, and the rest for exploration, mainly in the deepwater Gulf of Mexico Lower Miocene trend.

The company plans to drill about 300 wells in California next year, 65-75% in the San Joaquin Valley and 25-35% in the Los Angeles basin.

The San Joaquin drilling includes development of existing tertiary recovery steamfloods and expansion and initial development of new primary recovery and steamflood projects. Los Angeles basin drilling will be concentrated in Inglewood oil field with a mix of shallow waterflood development wells and the expansion of deeper waterflood and primary recovery zones.

Plans for offshore California drilling include four wells in Point Pedernales oil field and an additional extended-reach well currently in progress in Rocky Point oil field.

In Louisiana, Plains E&P plans four to six Breton Sound exploitation wells, including some delayed by the 2005 hurricanes. Additional low-risk development wells will be drilled in Pakenham gas field in West Texas as well as some higher risk targeted prospects elsewhere in the state.

In the deepwater Gulf of Mexico, Plains E&P expects four to eight wells to be drilled during 2006.

Related Articles

EIA: Eagle Ford, Bakken oil production to fall in April

03/10/2015 US shale oil production is expected to increase by a mere 1,000 b/d from March to April, according to the Energy Information Administration’s Drill...

Low crude prices alter challenges in sub-Saharan Africa, speakers say

03/10/2015 Significantly lower crude oil prices have reduced foreign companies’ interest in developing oil and gas resources in sub-Saharan Africa nations, sp...

Cairn Energy disputing Indian tax claim

03/10/2015 Cairn Energy PLC, Edinburgh, is disputing a tax claim by the Indian government for $1.6 billion related to the 2006 reorganization of its former In...

EIA: Monthly average Brent price up for first time in 8 months

03/10/2015 North Sea Brent crude oil prices averaged $58/bbl in February—up $10/bbl from the January average—representing the first monthly average price incr...

Tap Oil awarded two blocks on North West Shelf

03/10/2015 Tap Oil Ltd. has been awarded 100% interest in Blocks W14-7 and W14-16 in the prospective Barrow and Dampier sub-basins on the North West Shelf as ...

API is examining dilbit’s environmental impacts when released

03/10/2015 The American Petroleum Institute is studying the properties of diluted bitumen (dilbit) and expects to develop findings about how oil sands crude b...

Dunn named president of Questar Pipeline

03/10/2015 Micheal Dunn has been named executive vice-president of Questar Corp., Salt Lake City, and president of the company’s interstate pipeline subsidiar...

MARKET WATCH: NYMEX crude oil prices rebound to $50/bbl

03/10/2015 Crude oil futures settled higher on the New York market Mar. 9, and the contract for April delivery reached $50/bbl after falling sharply in previo...

Sasol takes more cost-cutting measures as oil prices stay low

03/09/2015 Sasol Ltd. hopes to cut $2.5-4.1 billion over a 30-month period, using Dec. 31 as the baseline, in response to what is describes as the “lower-for-...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected