Global 2013 E&P Spending Eyed At Record $678Bn, Up 10%: Barclays Survey

Published on Wednesday, 05 Jun 12:47 pm

Global exploration-and-production spending should reach a record $678bn in 2013, up 10% from 2012 and a greater increase than earlier projections in December of a 7% rise, Barclays Capital Markets said Tuesday. The increased spending projection comes from oil companies' stated intentions to boost global capital budgets this year, said James West, Barclays' head of US oil services and drilling, in a conference call on results of the investment bank's annual mid-year E&P spending survey. "Since our December report, [forecasts for] capital budgets have generally been raised as gas prices, particularly in the US, have been above expectations and oil service costs have risen in most markets," West said. The current survey polled 300 global upstream companies about their 2013 and 2014 spending intentions. International E&P spending now is projected to rise 13.2% over 2012 levels to a record $490bn, compared with the bank's December projection of a 9% year-on-year rise.

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