Canada cuts spending by a third

摘要

Lower oil prices will prompt a 33pc drop in upstream spending in Canada this year, but investment in conven- tional production will bear the brunt of the cuts. Companies will cut capital expenditure (capex) by C$23bn ($18.5bn) to C$46bn in 2015 to deal with a 60pc drop in crude prices since June, Canadian industry associa- tion Capp says. It expects oil sands investment of C$25bn this year, down from C$33bn in 2014. Spending in the con- ventional oil and gas portion of the western Canada sedi- mentary basin will fall to C$21bn from C$36bn. And Capp warns of more potential reductions if prices drop further.