Unocal Plans to Spend $1.7 Billion on Projects
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Oil and natural gas explorer Unocal Corp. plans to spend about $1.7 billion on exploration and development projects this year, unchanged from last year.
El Segundo-based Unocal will spend $1.1 billion developing existing fields, the company said in a statement. North American spending will be $800 million.
The company will spend another $800 million on international projects, including development of oil and gas resources in the Gulf of Thailand and in Indonesia’s Makassar Strait. About $100 million will be spent on exploration off the coasts of Indonesia and Brazil.
Shares of Unocal rose 26 cents to $35.55 on the New York Stock Exchange. They are little changed for the past year.
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