Gulf Indonesia Resources Ltd, a 72 per cent subsidiary of Gulf Canada Resources Ltd., announced a capital spending program for 2001 of US$150 million.
Two-thirds of the 2001 capital budget will be directed at development opportunities and one-third will be directed towards exploration and delineation opportunities, with the budget split evenly between natural gas and oil opportunities.
Of the $75 million targeted towards natural gas opportunities, 80 percent is planned for South Sumatra gas development projects while 20 percent is earmarked for South Sumatra gas exploration and delineation activities.
The $75 million directed at oil opportunities will be split 50 percent for South Sumatra oil development and exploration activities, 40 percent for the offshore oil exploration program, and 10 percent for other capital requirements.
