June 18 Oil and gas companies will increase
exploration and production (E&P) spending by 6 percent to $712
billion this year, despite a slight pullback in spending by
industry majors, Barclays said.
Spending by major oil companies is expected to remain flat
this year, Barclays said in a report on Wednesday. The bank had
earlier said it expected their spending to rise by nearly 3
The big oil companies, Exxon Mobil Corp, Chevron
Corp, Royal Dutch Shell Plc, Total SA
and BP Plc, are keeping a tight lid on spending as they
seek to increase shareholder returns.
Barclays said it expected smaller, independent oil and gas
companies to drive spending growth in North America, where
capital budgets were expected to rise 8.4 percent this year,
higher than the 7.3 percent it forecast earlier.
(Reporting by Swetha Gopinath in Bangalore; Editing by Kirti