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IFP: Oil equipment, services demand growth slows

11/05/2007
Globally, oil field equipment and services have been in tight supply since 2005, but the demand growth rate is beginning to slow and may plateau in 2008, said officials at the Institut Francais du Petrole (IFP).Investment growth in exploration and production jumped by 25% to $214 billion in 2005 and by 29% to $275 billion in 2006. However, this growth rate slowed to 13% in 2007, reaching $312 billion, because of soaring costs of both equipment and services.In 2008, investment growth should plateau at 10-15%, reaching $340-$350 billion, IFP reported. The slowdown is masked by higher costs and is primarily due to postponement of a number of projects pushed back on average 6-7 months because...
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