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Lehman Bros.: 2007 E&P budgets boosted to $308 billion
07/02/2007
Global exploration and production spending is expected to increase 13% to $308 billion, said Lehman Bros. Inc., New York. The amount is up from the 9% projected last December for 301 companies surveyed by the firm.The increase is a result of expanding 2007 budgets by more than $12.6 billion, offset by overspending 2006 budgets by $1.1 billion, Lehman Bros. reported last month. The spending growth is driven by an upsurge in international investments (Table 1). Click here to enlarge imageInternational spending is now estimated at 20% growth vs. the yearend estimate of 13%. “Operators have boosted their 2007 budget plans by $10.7 billion over the last 6 months, while underspending the...
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