Oil, liquids-rich shales dominate capital spending budgets for 2012

Capital expenditures for all oil and gas projects in North America will increase modestly this year, according to Oil & Gas Journal's annual spending outlook. While upstream spending in 2012 will climb, the rate of growth will decelerate from a year ago. OGJ projects that total US capital spending for upstream, midstream, downstream, and corporate activities will increase by 3.5% this year to $302 billion following a 12% surge in spending during 2011. The increase in upstream spending will be heavily weighted toward the development of oil and liquids-rich shales rather than dry gas production. The US is well supplied with gas, and prices are low enough to curtail investment in the sho...

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