Today, Wednesday, September 12, 2007 Claudia Cattaneo writing for the Financial Post Published an article indicating that spending on Natural Gas Exploration would be flat or down in the year 2008. The natural-gas spending squeeze that sunk drilling activity levels in Western Canada during the past year will probably continue into 2008, which was the message that some of Canada's largest producers were signaling yesterday.
Industry bigboys Canadian Natural Resources Ltd., Talisman Energy Inc., Devon Energy Corp., Apache Corp., and Husky Energy Inc., which are now in the process of preparing budgets for 2008, said that they will likely match this year's conservative spending levels, or tighten the purse strings even more.
EnCana Corp. said it will likely keep capital investment flat or grow it moderately next year. "If prices [of natural gas] stay where they are, we will remain pretty conservative," Robert Peabody, chief operating officer of Husky, said outside an energy investment conference in Toronto organized by energy investment dealer Peters & Co.
In 2008, "if anything, [spending] will likely edge down as we move it to other parts of the portfolio where we think we can get a bigger bang for our buck." Husky is spending $1-billion in Western Canada this year, most of it directed at natural gas projects.
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