Higher gas prices, drilling activity forecast—oil prices to trend lower

Worldwide drilling activity will increase in 2003 with more than 20% higher rig forecasts in North America, solid gains in international markets, and slightly higher offshore rig utilizations.North American gas prices will trend higher next year. Oil prices will remain at current high levels in the next few months but should trend lower in the longer term. Exploration and production spending will grow by more than 10% in 2003, following the 2.5% 2002 worldwide decline.The drilling industry is well positioned for profitable growth as economic recovery gains momentum in 2003.These were the opinions of industry analysts during a panel session on the world outlook for oil and gas in late Sept...

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