Texaco announced the company's $4.5 billion capital and exploratory spending plan for the year 2001.
The 2001 plan represents a slight increase over 2000 spending, which was ten percent higher than 1999 levels.
Approximately $2.9 billion will be spent in international areas and $1.6 billion in the United States. On a segmented basis, 65 percent of the spending will be for upstream opportunities, 24 percent for downstream businesses, and 11 percent for gas and power and other.
Texaco's plan, which includes subsidiaries and affiliates, calls for the continued focus on high impact upstream projects in Nigeria, Venezuela, the Philippines and Kazakhstan.
© 2001 Mena Report (www.menareport.com)
