Calgary-based PanCanadian Petroleum Ltd. announced a $1.2billion capital spending program for 2000, an increase over 1999.The company plans to spend $940 million primarily in theexploration and development of PanCanadian’s western Canadaproperties, with a significant portion devoted to growing gasassets, including off Nova Scotia, in the Gulf of Mexico andoverseas.

PanCanadian was the major winner with a position in six of theeleven parcels auctioned by the Canada-Nova Scotia Offshore PetroleumBoard last week. (See Industry Brief, thisissue) PanCanadian’s planned expenditures include the $270 millionpurchase of interests in the Scott and Telford producing fields in theUnited Kingdom Central North Sea.

“In 2000, PanCanadian will continue to invest in its richwestern Canadian land base, where we expect to grow average naturalgas production to about 925 MMcf/d,” said PanCanadian CEO DavidTuer. “We expect our daily crude oil and field liquids productionto grow to an average of 122,000 barrels in 2000. In addition, weare investing significantly more exploration capital to find newreserves across our diversified land holdings in Canada andoverseas.”

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