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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (7024)1/8/1998 9:59:00 AM
From: pz  Read Replies (2) of 95453
 
Thursday January 8, 7:03 am Eastern Time

Texaco sees no slow-down in exploration

BEIJING, Jan 8 (Reuters) - Texaco Inc (NYSE:TX - news) sees no slow-down in its exploration activities this year despite low oil prices, the company's Senior Vice President said on Thursday.

Robert Black said the U.S. oil giant's investment in upstream operations around the world, including exploration and production, would reach almost $3 billion in 1997,roughly double the 1994 level.

This year, he said: ''Investment is programmed pretty much to stay at that level.''

''Our anticipation is that prices will continue pretty much in the range that they've been at over the past two or three years in the $18-$20 a barrel range,'' he told Reuters in an
interview.

''We're not forecasting or depending on a very high price projection for the future.''

Black said Texaco was expecting ''fairly flat or stable oil prices over the next five years or so.'' He added that all existing Texaco projects made economic sense at a $15 per
barrel level.

Texaco currently produced around 1.3 million barrels of oil or oil-equivalent per day and that figure would be in excess of 1.7 million barrels in 2001 or 2002, Black said.
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