CAPITAL FLIGHT FROM NORTH AMERICA

The outlook seems to darken daily for the North American exploration and production business. In a midyear look at oil company budgets for upstream operations, Salomon Bros. confirms the shift away from the U.S. and Canada. Companies surveyed by the New York financial firm plan to spend 13.9% more on worldwide exploration and production in 1991 than they did last year. But 24% of the companies in the survey are underspending their budgets in the U.S., and 20% report Canadian spending levels

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