UPDATE 1-Global energy E&P spending seen up 20 pct-Lehman

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HOUSTON, June 6 (Reuters) - Energy companies expect worldwide spending on exploration and production to rise 20 percent in 2008, driven by higher crude oil and natural gas prices, according to a semiannual survey from Lehman Brothers released on Friday.

Energy companies have accelerated spending in recent years to produce more oil and gas and take advantage of the record high prices that have generated big profits.

"Strong natural gas prices and cash flows have spurred exploration and production companies to significantly add to their 2008 exploration and production budgets," Lehman wrote in the survey.

On Friday, crude oil futures climbed past $137 per barrel to a record high, while U.S. natural gas futures have surged about 60 percent so far this year.

Global spending in 2008 is pegged at $418 billion, up from $349 billion in 2007, the survey of 398 energy companies found.

Lehman noted a jump in energy companies' spending plans in North America for 2008 from six months ago. Exploration and production spending in the United States is seen rising 15 percent to $98 billion, while Canada is seen up 11 percent to $27.5 billion.

International spending is expected to climb 22 percent to $293 billion, the survey found.

By contrast, Lehman's December survey showed expectations of growth rates of just 3.5 percent in the United States and 16 percent in international markets, with a 12 percent reduction in spending in Canada.

The average oil price on which companies are basing their 2008 budgets has risen 25 percent from Lehman's prior survey to $85.23 per barrel. The average natural gas price is up 19 percent to $8.07 per thousand cubic feet.

And more spending gains are expected next year. More than 70 percent of the oil and gas companies surveyed saw capital expenditures continuing to rise in 2009, Lehman said, while only 4 percent expected a decline. (Reporting by Anna Driver; Editing by Lisa Von Ahn)