US capital expenditures rebound; Canadian spending flat in 2003

Capital spending in the US oil and gas industry will increase 10% this year, with jumps in both the upstream and downstream sectors.Meanwhile, in Canada, an increase in upstream spending mostly will offset a decline in the downstream sector.Exploration, drilling, and production activity will recover this year, though not yet to the levels of a few years ago. And the extent of the recovery will hinge on the strength of the general economy and the mitigation of geopolitical uncertainty.Despite strong oil prices, economic uncertainty decreased capital spending last year, and drilling rates reflected that. Counts of drilling rigs operating in the US declined in 2002 but are rebounding this ye...

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