Expenditure in Western Canada is headed for a pullback of 10% to 15%. In past two years, the sector spent $50-bn on projects, including $20-bn in the oil sands.

In a note to the clients, a oil and gas investment executive, said:

I have spoken with a number of companies and almost without exception 2009 budgets will be lower than 2008 budgets as companies generally want to spend within their cash flow expectations.

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