Upstream work sets pace for capital spending surge

04/03/2006
Worldwide oil and gas industry capital expenditures will increase sharply this year, especially for upstream work.High oil and gas prices are supporting the investment needed to boost worldwide production capacity. In the US and outside North America, upstream spending will grow more than 10% this year.Less money will be invested in downstream operations in the US than during 2005, though, as pipeline construction and refinery upgrades decline.OGJ estimates that in Canada spending will increase mostly on the strength of oil sands investments.Outside the US and Canada, construction of LNG facilities and petrochemical complexes will boost investment already lifted by exploration and product...
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