OGJ Newsletter

General Interest - Quick TakesE&P spending to reach $261 billion in 2006Spending for worldwide exploration and production is expected to increase 21.3% to $261 billion this year, up from a 14.7% projected rise in December among 308 companies surveyed by Lehman Bros. Inc., New York.That increase is the “result of adding $21 billion to 2006 budgets, partially offset by overspending 2005 budgets by $7 billion,” Lehman Bros. reported June 21. The growth is driven both by increased investments in the US and outside North America.E&P spending in the US now is expected to grow 27.7% this year, up from a 14.9% rise forecast in December, as a result of high commodity prices and...

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