CANADIAN INDUSTRY TO STEP UP SPENDING 7.4%

Capital and exploration spending plans of the Canadian petroleum industry show an increase of 7.4% to $8.5 billion (U.S.) for 1994. Canadian spending rose 14.1% to $7.95 billion last year. Exploration and production spending will post a substantial increase for the second straight year. E&P outlays are expected to advance 9.8% to $5.7 billion in 1994. This follows a sharp increase of 34.2% in 1993, when spending moved up to $5.2 billion from $3.9 billion in 1992. Baker Hughes Inc.'s tally