Worldwide capital outlays expected to moderate in 2004

Oil and natural gas industry capital spending in the US and Canada will be little changed in 2004 from last year's increased investment.Following sizable gains last year, capital expenditures for exploration, drilling, and production will increase modestly this year in the US but will see a small decline in Canada.Companies will spend a bit more this year on downstream projects in the US, with the exception of natural gas pipelines.The brunt of spending that will be required to ramp up LNG receiving and regasification capacity in North America will not be felt this year, as many plans are still being made and companies endure a strenuous round of permitting to bring such projects to f...

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