Global spending for exploration and production is expected to decline 12% to $400 billion in 2009—“a reversal after 6 years of global growth,” said analysts at Barclays Capital Resources, New York.Based on a semiannual survey of 357 oil and gas companies, Barclays Capital analysts said, “Budgets are being cut in response to the significant decline in commodity prices, constrained cash flow, and the tight credit markets.” The surveyed companies based their 2009 budgets on average prices of $58/bbl for oil and $6.35/Mcf for gas. The most frequently cited prices that would trigger budget cuts were $50/bbl for West Texas Intermediate and $5/Mcf for natural gas on the H...