Operators announce 2004 budgets, drilling plans

Operators plan to increase drilling budgets around the world in 2004, with the greatest increases expected at state-owned companies. Russia's OAO Gazprom spending will be up 53% in 2004, to $1.2 billion. But three other large Russian companies plan to reduce spending in 2004: OAO Yukos, OAO Sibneft, and OAO Lukoil Holdings, citing lack of pipeline capacity, among other factors.Norway's Statoil ASA expects to increase spending by 20% in 2004.Petróleos Mexicanos has $800 million allocated for 2004 projects (OGJ, Feb. 2, 2003, p. 45), up only 9% from 2003. About 35% will be funded by the state; the remainder will be financed by outside investment. Oil and oil-related taxes accou...

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