ConocoPhillips has approved a USD 6.6 billion capital budget for 2003. The company will allocate approximately 73% to exploration and production (E&P) activities. Refining, marketing and transportation will receive about 20% of the budget. The remaining budget will be allocated toward emerging businesses, mainly power generation, and general corporate purposes. Forty-three percent of the budget is targeted for projects in the USA. E&P includes development of projects in the Asia-Pacific region (Bayu-Undan liquids and gas recycling project in the Timor Sea, oil and gas reserves in Indonesia, Vietnam and China); North America and Latin America (Alaska, Gulf of Mexico, South Texas, San Juan Basin, Permian Basin, Texas Panhandle and northern Louisiana; Venezuela; Canada), Europe, Russia, the Caspian region, the Middle East and Africa.
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