Salomon: 2001 E&P spending to sustain near-record growth

Click here to enlarge imageWorldwide exploration and production outlays are expected to sustain near-record growth in 2001, according to Salomon Smith Barney, New York. This increase in E&P spending marks a period of transition for the oil services sector from a state of recovery to one of steady growth, the firm said.In its 19th annual E&P spending survey, released late last year, Salomon said that it anticipates worldwide upstream spending in 2001 to increase by 19.7%-or by nearly $20 billion-compared with last year's estimates. This percentage increase is the largest seen in more than 2 decades, Salomon said.The firm also noted that, this year, spending in the US and Canada vs. s...

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