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Drilling outlook is for deline un US, steady gain in Canada

01/27/2003
A decline is likely in US drilling in 2003 compared with 2002, while a respectable gain is probable in western Canada.OGJ's early-year forecast of a 3% drop in drilling in the US this year would be welcome next to the 2001-2002 comparison, which is portrayed by a 29% year-to-year decline in the active rig count.A number of public companies that announce capital spending have indicated that 2003 US outlays will top those of 2002, but OGJ sees lackluster spending overall, at least in the early part of the year.Other sources have indicated that spending will be higher this year in the rest of the world outside the US and Canada and that non-North American spending increases are one reaso...
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