ConocoPhillips said it plans to spend $16.7 billion on capital projects in 2014, with the bulk of it directed toward continuing oil and gas production in North America. The budget is about $900 million higher than the plan for 2013 the company announced last December. About 55% of spending for next year will be for North American operations, while the remaining 45% will be allocated to Europe, the Asia Pacific and other international businesses. Last year’s budget included a 60% allocation for North America and 40% for the international businesses. About 39% of the budget will be directed to development-drilling programs. Most of that portion will be spent in U.S. plays such as the Eagle Ford and the Permian Basin in Texas, and the Bakken in North Dakota, among others. Exploration and appraisal takes up about 13% of the budget, including drilling in the Gulf of Mexico and appraising […]