Dec 4 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.