Salomon: 2000 E&P spending outlook bullish

Click here to enlarge imageThe outlook for worldwide exploration and production expenditures is moderately bullish for 2000, according to Salomon Smith Barney, New York. This expected increase in E&P outlays marks the beginning of a long-anticipated recovery phase, the analyst said.According to its 18th annual E&P spending survey, released earlier this year, Salomon forecasts worldwide upstream spending will increase in 2000 by 11.4%-or by nearly $10 billion-vs. estimates given in 1999.In this year's survey, 177 oil and gas companies indicated plans to spend a total of $92.6 billion on their oil and gas field activities, up from $83.1 billion planned a year ago. About 67% of...

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