E&P capital spending to rebound in North America

Oil and gas industry capital spending in the US will increase 5.2% in 2014 to $338 billion, according to Oil & Gas Journal's annual spending report. Capital expenditures also will climb in Canada this year, up 2.4% to $80 billion (Can.). Upstream operations will contribute mostly to this rise in spending. After a slow drilling pace through 2013, drilling activity is expected to rebound this year in both the US and Canada, assisted by increases in drilling efficiency. After experiencing a boom last year, pipeline spending in North America will take a pause this year due to decreases in planned construction. Worldwide E&P spending is expected to continue solid growth this year, led ...

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