FBR: Worldwide E&D spending to increase by 4.8% in 2003

Oil and natural gas companies plan to increase worldwide exploration and development spending by 4.8% to $136 billion in 2003 compared with 2002, although potential exists for spending to increase considerably more in the second half, a recent poll said.During 2002, the surveyed oil and gas companies increased E&D spending by 3.6% compared with 2001. Last year's spending growth was dampened by sharp declines in spending on projects in the US and Canada.During November and December, the Arlington, Va.-based Friedman, Billings, Ramsey & Co. Inc. surveyed 190 companies about planned E&D spending. Poll results were released after trading ended Jan. 8."Although conservatism is warranted wh...

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