Canadian producer EnCana said Wednesday it is reallocating an additional US$290 million in capital spending to development of the Haynesville Shale play. It plans to drill 50 Haynesville gas wells this year to further evaluate the potential of its acreage and retain its leases in the area. The Calgary-based company said the money will come from cost reductions in other areas - including both operating and administrative costs - and will not delay the development of other promising plays. EnCana is now set to spend a total of $580 million in the emerging Haynesville play this year.
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