'We Are Holding Talks with Algeria,Qatar,Russia and Others on Integrated Gas Projects,'

摘要

In order to keep our capital budget steady,we run our business on the basis of mid-cycle prices,which correspond to the Nymex mid-cycle prices of about US25-US30/barrel for West Texas Intermediate and US4-US5/thousand cu ft for gas.We take account of this type of environment in our decision-making process.For 2005,our base capital budget is US2.5 billion.But as a general rule,when oil prices rise,drilling costs also go up,and in our budget estimates we have included US200 million to US400 million for inflation in the cost of services.