Spending for offshore wells to reach $189 billion in 5 years

The oil and natural gas industry will spend a total of $189 billion drilling wells offshore over the next 5 years, according to a study released this month by Canterbury, UK-based energy analyst Douglas-Westwood Ltd.This sum will include more than 15,000 offshore wells worldwide, the report said. "Of these wells nearly 4,500 will be exploratory, costing $75 billion, and around 10,500 will be development, costing $114billion."Douglas-Westwood's study, entitled "The World Offshore Drilling Report," also estimated that drilling and completion expenditure in 2003 was $36 billion. "Spending levels are expected to grow somewhat over the next 2 years and then decline slightly, stabilizing at...

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