Global markets to drive 2013 oil and gas spending -Barclays

Tue Dec 4, 2012 10:29am EST

Related Topics

Dec 4 (Reuters) - Oilfield activity outside North America will drive a 7 percent increase in 2013 global energy exploration and production (E&P) spending to a record high of $644 billion, Barclays analysts said on Tuesday.

While budgets will grow 9 percent in international markets to $460 billion, North America spending will "take a breather" after years of growth and be roughly flat in 2013, Barclays found after surveying more than 300 oil and gas companies.

Companies are basing their 2013 spending plans on oil prices of $98 Brent and $85 West Texas Intermediate and U.S. natural gas prices of $3.47, Barclays said.

"These projections suggest our early look at 2013 spending levels may underestimate total spending levels," it added.