AIOC to spend over $500mln in 2001

In the first quarter of 2001, the AIOC spent $30 million in capex and $17 million in opex, according to the AIOC president David Woodward.

He said capex for 2001 would constitute $450 million and opex $97.2 million.

In the remaining part of the year, the AIOC expenses will rise as compared to January-March.

“We plan to drill new wells on Chirag this year and complete the upgrade of the drilling rig”, Mr. Woodward said.

The AIOC president indicated that high labor safety performance had been reached with no time losses resulting from breakdowns.*