Revising

Shell Canada Ltd. on Thursday said that based on “recent reserve studies” since 1999, it was revising downward by 300 Bcf — 27% — the estimated sales gas reserves of its portion of the Sable Offshore Energy Project (SOEP) from its original 1,100 Bcf. While it noted that “prospects off the East Coast remain encouraging,” and that it planned “significant exploration and development investments in the area,” the revised forecast could signal that natural gas supplies may not be as plentiful off Canada’s East Coast as it had first estimated.

Shell Canada Ltd. on Thursday said that based on “recent reserve studies” since 1999, it was revising downward by 300 Bcf — 27% — the estimated sales gas reserves of its portion of the Sable Offshore Energy Project (SOEP) from its original 1,100 Bcf. While it noted that “prospects off the East Coast remain encouraging,” and that it planned “significant exploration and development investments in the area,” the revised forecast could signal that natural gas supplies may not be as plentiful off Canada’s East Coast as it had first estimated.

Texaco joined the growing crowd of producers revising downwardcapital expenditures for 1999. The company said its 1999 capexwould total $3.7 billion, including subsidiaries and affiliates,down $600 million from its original $4.3 billion plan. Chevron,Arco and Unocal announced similar reductions last month.