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.
For full story, click here
