Dec 9 Oil and gas companies will spend about
$723 billion on exploration and production (E&P) in 2014, an
increase of 6.1 percent from 2013, Barclays Bank said in a
report on Monday.
E&P spending outside North America is likely to increase 6
percent to a record $524 billion in 2014, a smaller increase
than the 10 percent rise this year, Barclays said.
The bank forecast an increase of more than 7 percent in E&P
spending in North America in 2014, compared with a 2 percent
increase in 2013, based on a survey of more than 300 oil and gas
companies conducted last month.
E&P companies are basing their spending budgets for the year
on oil prices of $98 per barrel for Brent and $89 per
barrel for West Texas Intermediate, and a benchmark U.S.
natural gas price of $3.66 per British thermal unit, the
(Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj