Oil Exploration Spending May Rise 5%, WoodMac Says
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Oil and gas companies will increase spending on exploration and production by more than 5 percent this year as the outlook for commodity prices improves, Wood Mackenzie, a consultant, said in an e-mailed report today.
Investment may exceed $380 billion, up $19 billion from 2009, Iain Brown, the Edinburgh, U.K.-based company’s regional upstream research manager, said in the report. Spending may recover to a record level set in 2008 by 2012 or 2013, he said.