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Global E&P spending forecast to rise 11% in 2008
12/17/2007
Global capital expenditures for exploration and production companies are expected to increase 11% to $332 billion in 2008, according to the latest spending survey released Dec. 10 by Lehman Bros. The survey polled 344 companies—the largest survey conducted by the financial services firm.Meanwhile, Lehman Bros. said, spending in 2007 was “moderately above” original budgets. “As oil prices remained high, global exploration and production capital expenditures in 2007 increased by 14%, as compared with gains of 13% in our 2007 midyear survey, and 9% at the beginning of the year.”Of the companies surveyed with both onshore and offshore operations, 43% expected a la...
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