Global E&P outlays to reach $135 billion in 2005

Worldwide exploration and production expenditures should continue to ride on the wave of soaring oil prices to reach $135 billion in 2005, up from $114 billion in 2003. Global E&P outlays are expected to reach $125 billion this year.These figures, which exclude the former Soviet Union and China, were reported Oct. 18 by Paris-based Institut Français du Pétrole (IFP) in its 2004 review of the world's oil services and equipment industry. The report contained a special focus on France's industry, which accounts for 10% of the world's E&P market.IFP Pres. Olivier Appert was careful to point out, however, that while these figures seemed favorable for industry, oil compani...

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