Global E&P capital expenditure: trends & determinants

Global E&P capital expenditure (CAPEX) for oil and gas is expected to reach $200 billion (estimate) in 2005, which represents an increase of 50% and 80% versus 2000 and 1995, respectively. In the last twenty years, CAPEX rose almost each year with the exception of a brief period in 1991-1992, and more recently in 1998-1999 when oil prices collapsed to historic lows and the industry cut CAPEX from $140 billion in 1998 to $110 billion in 1999 (Fig 1).

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