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Unocal Corp. senior management yesterday told analysts that the company's worldwide net oil and gas production could average nearly 800,000 barrels-of-oil-equivalent (BOE) per day in 2007, 63 percent above the company's average production last year.
"Our legacy assets in North America and Asia continue to perform and grow, while our exploration programs are beginning to deliver new resources for us," said Charles Williamson, Unocal's CEO.
"We expect to achieve this production growth through development of frontier discoveries that we have already made and aggressive development of additional oil and gas resources in our established operating areas."
Williamson told analysts Unocal would achieve the additional oil and gas production in the United States in the Gulf of Mexico southern Alaska. "We also see steady growth in oil production in Asia," he said. "By coupling this asset base with our industry-leading drilling capability, we fully expect to meet the production and cost targets that we've outlined."