PanCanadian's 2001 Capital Program Set At $1.5 B
PanCanadian Petroleum Limited
has announced a capital spending program
of $1.5 billion for 2001.
Natural gas expenditures are approximately 60% of the total program,
consistent with the company's strategic focus on expanding these activities in
North America, PanCanadian said in a news release.
"Natural gas production is expected to grow 15% in 2001,
reaching close to 1.1 billion cubic feet per day," David Tuer
, PanCanadian's president
and chief executive officer, said in a news release. "We have a very active
and dynamic year ahead of us as we achieve a corporate milestone in natural
gas production."
Over the course of the year, PanCanadian will drill more than 2,000
wells. Approximately 77%, will be gas wells drilled on the company's extensive
Western basin land in Canada and the United States.
A total of 21 wells will be drilled outside the Western basin, including four exploration holes on the East Coast of Canada, three in the Gulf of
Mexico and five in the United Kingdom, central North Sea.
A further six development wells will be drilled in the Scott-Telford
field in the North Sea.
At this point, the expenditures do not include any development capital
for the 100% owned Deep Panuke discovery on the East Coast of Canada, PanCanadian said.
PanCanadian said it expects to make a decision on the commerciality of
a stand-alone development of this field by the end of the first quarter of
2001.
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