PanCanadian Petroleum Ltd., Calgary, plans to spend $1.5 billion (Can.) in 2001, with 60% allocated to expand its natural gas activities in North America.
CEO David Tuer said the company expects to increase gas production by 15% in 2001 to almost 1.1 bcfd.
PanCanadian plans to drill more than 2,000 wells with 77% targeted for gas in western Canada and the US. It said 21 wells will be drilled outside the Western sedimentary basin, including four wildcats off eastern Canada, three in the Gulf of Mexico, and five in the UK central North Sea. Six development wells will be drilled in the Scott-Telford field in the North Sea.
The company's spending plans did not include funds to develop its 100%-owned Deep Panuke gas discovery off Nova Scotia. A decision on commercial viability of Panuke will be made during the first quarter.