Precision Drilling Corp said it expected 2015 capital spending to be 44 percent lower than this year’s already lowered budget as a steep fall in oil prices threaten to render exploration and development project uneconomic. Brent crude oil, which has fallen nearly 40 percent since June, fell to a new five-year low on Monday on forecasts that oversupply would keep building until next year after OPEC decided not to cut output. Precision Drilling, Canada’s largest oil and gas drilling contractor, said it expected to spend C$493 million ($430 million) next year. It also lowered its 2014 capital spending plans by C$23 million to C$885 million. The company’s capital plan includes the completion and deployment of 16 previously announced rigs. “Following the delivery of the 16 rigs, I expect our rig building activity will be idled until we see an improved commodity price environment and rising […]