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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Gary Burton who wrote (42012)	4/10/1999 1:20:00 PM
From: Mike from La.	Respond to of 95453

Thursday April 8, 9:23 am Eastern Time Shellseeks $1.1bln E&P cost savings by 2001 LONDON, April 8 (Reuters) - Oil giant Royal Dutch/Shell Group (quote from Yahoo! UK & Ireland: SHEL.L) said on Thursday it had set a target of $1.1 billion in cost savings for its exploration and production (E&P) business for 2001. Around $300 million of this total was expected to come this year, the group added in a statement. The Anglo-Dutch group also said captial expenditure would be lower than it forecast last December, when it had announced it would slash costs and sell major parts of its business in a bid to improve returns to shareholders. Shell, which is to give a presentation on its E&P plans in New York on Thursday and in the Netherlands on Friday, said the strategies outlined last December would be reinforced. The group will tell fund managers and analysts that it plans to invest $900 million developing the Brutus field in the deep water Gulf of Mexico, where first production is expected late in 2001. Output is expect to peak at around 100,000 barrels of oil and 150 million cubic feet of natural gas per day. Shell also said that it was looking to share risks in some deep water assets, had initiated a move to reduce its equity in the Malampaya gas-to-power project in the Philippines, and was seeking a strategic partner for its operations in Venezuela. It also intends to continue disposing of non-strategic assets. lOOKS LIKE DEEP WATER WILL STILL BE GETTING FIRST PRIORITY IN E & P SPENDING, EVEN WITH CUTS. MIKE --------------------------------------------------------------------------------