ConocoPhillips increases Asia-Pacific investment

James J. Mulva, ConocoPhillips chairman and chief executive, has raised the American group's Asia-Pacific investment by 30% year-on-year to $1.4 billion this year.

Gurdip Singh
Special Correspondent

KUALA LUMPUR, Malaysia -- James J. Mulva, ConocoPhillips chairman and chief executive, has raised the American group's Asia-Pacific investment by 30% year-on-year to $1.4 billion this year.

Addressing the opening of the Asia Oil and Gas Conference in Kuala Lumpur, Mulva cited the development of major projects as the primary reason for the increase. According to Mulva, the projects include the Phase II development of the Peng Lai field in Bohai Bay, the Gumusut deepwater oil discovery, a refinery expansion in Malaysia, as well as LNG business in Australia and Timor-Leste.

Mulva also discussed the ConocoPhillips commitment in Indonesia and Vietnam. "In Indonesia, we hold interests in roughly 30 fields that are onstream or under development, and in Vietnam's five offshore oil and gas fields."

Mulva said he expects ConocoPhillips to increase production by 75% by 2015 from the current 200,000 boe/d output, which has been increasing 20% annually since 2003.

Mulva says the Asia/Pacific has been a good for ConocoPhillips. "We would like to become even more active here if we can gain access to the right areas," he says.

6/11/2007

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