Lehman: World E&P outlays to rise 10% in 2000

Worldwide exploration and production budgets will increase by 10.2% in 2000 vs. those for 1999. This increase will be largely driven by US and Canadian independents stepping up their natural gas E&P activities through increased drilling in 2000, much the same as was seen during the second half of 1999. In addition, spending outside North America will illustrate only modest gains in 2000-a projected 5.7%-compared with 1999.These were some of the findings of Lehman Bros.' semiannual E&P spending survey, which polled 320 firms worldwide, including privately held US and Canadian independents and several state-owned oil and gas firms. The state-owned firms, in aggregate, will account for an...

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