US INDEPENDENT Unocal could be achieving as much as a 15% return on its employed capital in 2004 by concentrating its business on a few key areas, notably deep-water E&P and gas-to-power projects. The company is also looking to achieve a compound annual growth in production of 14% over the next five years. Daily output in 1999 is forecast to be 480,000 barrels of oil equivalent -- a slight decrease from 488,000 boepd last year -- but this could be boosted to 920,000 boepd in 2004, says chairman Roger Beach.