Operators detail upstream spending plans

With the rebound in oil and gas prices, US companies are continuing to increase spending for upstream operations for the coming year.A number of US firms recently unveiled increases in upstream outlays for 2000, with many of the increases representing upward adjustments from plans announced at the start of the year.Earlier, analysts at John S. Herold Inc. had reported that worldwide spending on upstream operations may increase 14% to nearly $86 billion as a result of better market conditions this year, after plunging more than 30% to just over $75 billion in 1999. Other industry analysts have forecast increases of 10-20% (OGJ, Apr. 10, 2000, p. 44).In a separate yearend survey of about 90...

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