CPA: CANADIAN BUDGET CUTS OF 10-12% LIKELY

Sagging profits may force Canada's oil and gas industry to cut forecast 1991 spending by as much as $600 million (Canadian), says Canadian Petroleum Association. Meanwhile, budget cuts by Shell Canada Ltd. were among the first signs of such cuts. CPA Chairman Lorne Gordon said Canadian industry return on investment has been only 5% despite a jump of $1.35 billion in revenues stemming from higher oil prices during the Persian Gulf crisis.

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