ARTHUR ANDERSEN STUDY CONFIRMS NON-U.S. FOCUS BY U.S. OPERATORS
Investment in non-U.S. projects in 1991 accounted for 60% of combined exploration and development spending by 30 of the largest U.S. oil and gas companies, a survey by Arthur Andersen & Co. shows. Combined non-U.S. E&D spending in 1991 by surveyed companies increased by 15% to $21.2 billion, while spending on U.S. E&D projects declined by 5% to $14.3 billion, Arthur Andersen found. Combined global E&D spending by the 30 companies surveyed in 1991 totaled $35.5 million, a 6% increase from 1990.