GULF CANADA SEES EXPLORATION SHIFT ABROAD

Major Canadian operators will have to shift more exploration emphasis to non-Canadian plays to survive, says the head of Gulf Canada Resources Ltd. Gulf Canada Pres. Chuck Schultz said he does not believe companies the size of Gulf Canada can replace their liquid reserves from Canadian sources. Schultz said non-Canadian finding costs are as much as 40% less than those in Canada, and rates of return on investment are at least 5 percentage points higher than the 4-5% return in Canada in recent

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