Calgary oil and gas company Petro-Canada (PCZ) has approved a C$5.3 billion (US$5.20 billion) capital expenditures program for 2008, up 28% from the 2007 program.
Petro-Canada said the capital program includes C$3.6 billion directed to growth projects, exploration and new venture developments. In addition, Petro-Canada expects to invest C$1.2 billion to replace reserves in core areas, C$430 million to enhance existing assets and to improve profitability in the base business, and C$105 million to comply with new regulations.
The company anticipates that upstream production will decline slightly year over year to be between 390,000-420,000 barrels of oil equivalent a day in 2008.
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