Industry E&P spending plans for 2000 reflect renewed optimism

The US exploration and production industry is planning to increase capital spending in 2000 vs. 1999.The desire to raise budgeted outlays is due largely to the availability of attractive drilling prospects, expectations for a steady increase in US oil and natural gas demand, and continued strength in oil and gas prices, says Arthur Andersen in its US outlook survey for 2000, which was released earlier this month at its annual energy symposium in Houston.This anticipated boost in spending plans is expected to spark a renewed interest in hiring, says Arthur Andersen: 50% of the surveyed respondents indicated that they expected to see an increase in industry employment in 2000.Overall, the s...

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