Special Report: Economic slump to chill capital spending in 2009

Oil and gas producers—slammed by the worldwide economic downturn, lower oil and gas prices, and tight credit markets—have slashed their 2009 capital budget plans. Capital expenditures for oil and gas projects are set to shrink worldwide this year, with outlays in the US especially hard hit.OGJ’s annual capital spending survey shows that oil and gas industry capital spending in the US will fall 26% this year to $242 billion. Total Canadian spending will decline 15% to $53 billion (Can.), but spending plans indicate an increase in Mexico. Outside North America, upstream oil and gas capital expenditures will decline from a year ago.In response to the worldwide economic down...

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