set a $1.26 billion budget for capital expenditures for 2006. The layout is 40% higher than 2005's $890 million.
The oil and gas company said it will allocate about 23% of the funds for exploration and about 77% for production and development. Domestic spending is budgeted at $860 million, or 69%, while the international expenditures are budgeted at $380 million, or 30%. Corporate expenditures are budgeted for $20 million, or 2%.
Noble forecasts 2006 production of 190,000 to 205,000 barrels of oil equivalent per day, an increase of 31% to 41% from 2005. It said that the production and capital budget estimates excludes production from United States Exploration, pending its acquisition. United States Exploration is expected to add 3,750 barrels of oil equivalent per day this year.
In a separate press release, the company said that it expects to record year-end 2005 reserves of 806.0 million barrels of oil equivalent, an increase of 54% over 2004. It added that its worldwide production for 2005 is estimated at 52.9 million barrel oil equivalent.
This story was created through a joint venture between TheStreet.com and IRIS.