Shell Canada is aiming to spend $1.1 billion in 2004 on capital and exploration projects, with much of it directed toward natural gas in the western Foothills area, Mackenzie Valley and the Sable Offshore project in the East.
The 2004 program for Shell Canada’s resources business segment includes $170 million for exploration and approximately $395 million for development projects, with almost one-half of each to be spent in the Foothills area of Western Canada. The balance of the 2004 exploration program is mainly focused on growth prospects in frontier areas. Approximately 40% of the 2004 development program is for continued development of Tier 2 fields and compression facilities for the Sable project. The 2004 program also includes expenditures to continue advancing project definition work and regulatory applications for the Mackenzie Valley Pipeline project and related development of Shell’s Niglintgak field.
Shell will spend $155 million on oil sands in 2004 and $380 million for oil products.
Linda Cook, Shell Canada’s president and CEO, said, “Our 2004 investment plan reflects the strength and diversity of our growth portfolio. The plan directly supports our corporate goals of leadership in profitability and profitable growth within an overarching commitment to sustainable development.”
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