IFP notes rising outlays for services, equipment

Spending on oil and gas services and equipment, which began increasing during 2003-04, has accelerated this year due to expectations that oil and gas prices will remain high.The outlook for 2006 is even brighter, reported Institut Français du Pétrole (IFP) Pres. Olivier Appert in an annual review of the services and equipment industry (SEI) worldwide.With an average oil price of $53/bbl over the first 9 months of 2005, compared with $38/bbl in 2004, upstream investments are expected to grow by 13% to $170 billion by yearend. These figures include investments by Russia and China. Next year’s outlays will increase by 8-10% to about $185 billion.Appert noted that during 2...

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