Calgary-based Oilexco will spend $707 million exploring for oil and gas, appraising finds and developing fields in the North Sea during 2008, the company announced Friday.

The declaration is one of several from Canada-based oil companies to make headlines in in recent weeks for the wealth of their involvement. Petro-Canada in Libya committed over $7 billion, while EnCana hinted at $1.2 billion largely for U.S. gas plays.

Onshore in Algeria, First Calgary Petroleums is organizing financing for a $1-billion contract award to advance its expected 300,000 barrels of oil equivalent per day expected in 2010.

The Canadian dollar has been at near parity with the U.S. dollar for most of 2007 giving the Canadians a window of opportunity to compete for services.

Oilexco intends to wrap up appraisal drilling at its Huntington find in Block 22/14b and at the Shelley field across blocks 22/2b 22/3a. The company is now committed to drilling at the Morro-Coronado prospect in Block 23/12b and a second exploration well at Mallory in Block 22/14a.

Oilexo is also buoyed by the prospect of increased production from the Brenda field, where the bottleneck Balmoral production is remedied as the vessel becomes Oilexco property and a multiphase pump is commissioned.

ws@scandoil.com

Tags: Oilexco Incorporated