Shell Canada has announced a capital and exploration expenditure plan for 2004 totalling CAD 1.1 billion. The 2004 programme includes CAD 170 million for exploration and approximately CAD 395 million for development projects. Almost half of planned exploration and development expenditures will be in the Foothills area of Western Canada. Approximately 40% of the 2004 development programme is for continued development of Tier 2 fields and compression facilities for the Sable Offshore Energy Project. The 2004 programme 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. The 2004 programme for Oil Sands is approximately CAD 155 million and includes funding for potential debottlenecking projects for the Athabasca Oil Sands Project and pre-feasibility studies related to future expansion of the project. The Oil Sands programme also includes sustaining capital and funding for various profitability initiatives. Regarding the Jackpine Mine, pending regulatory approval, the focus in 2004 will be on evaluating marketing and upgrading options and other aspects of this potential growth project. The 2004 program for Oil Products includes CAD 100 million for marketing and CAD 280 million for manufacturing and distribution projects. Approximately two-thirds of the planned manufacturing and distribution expenditure in 2004 is for distillate hydrotreater projects at Montreal and Scotford to meet ultra-low sulphur requirements for diesel.
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