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Article: E&P companies looking overseas as north American prices fall.
- Article from:
- Natural Gas Week
- Article date:
- December 17, 2001
- Author:
CopyrightCOPYRIGHT 2001 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A surge in spending outside North America is expected to keep worldwide exploration and production (E&P) expenditure buoyant next year, despite expectations of lower crude oil and natural gas prices.
According to a survey of 357 worldwide oil and gas companies by Lehman Brothers, global upstream spending is expected to fall by just 1.4% to $124 billion in 2002. Although spending in the US and Canada is expected to slump by 18% and 20%, respectively, a 10.5% increase in expenditure outside North America should keep overall upstream spending relatively flat with 2001 levels.
"Spending in the international arena will largely offset steep declines in the US ...