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Lehman Bros.: E&P spending to see slower growth

01/01/2007
After “extremely strong growths” of 20% in 2005 and 30% in 2006, global exploration and production spending is expected to rise at a slower rate of 9% to $300 billion in 2007, with more emphasis on international rather than US projects, said analysts at Lehman Bros. Inc., New York.That’s based on the company’s latest E&P Spending Survey of some 300 public, private, and government-owned oil and gas companies, “the largest ever” such study since Lehman Bros. began the semiannual surveys in 1982, said James Crandell, oil service analyst at the firm.Price determinantsNatural gas prices are still the key determinant for E&P spending in 2007, followed...
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