Oil and gas capital spending to rise in US, fall in Canada

04/02/2007
Capital spending for oil and gas activities in the US will rise this year but at a slower rate than last year. In 2006, upstream spending surged as a result of increased activity and high costs as oil prices held firm.Meanwhile, total capital spending in Canada will decline this year, but spending for oil sands development there will continue to climb.Total capital expenditures for upstream and downstream oil and gas projects in the US during 2007 will be $183 billion, up from $176 billion last year. In 2005 spending totaled $135 billion.In Canada, total capital spending will dip to $50 billion from $53 billion last year and $45 billion 2 years ago.Upstream spending outside the US and Can...
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