Barclays: Global E&P spending to grow, hut U.S. projections slow

摘要

While global E&P spending is expected to ratchet up by 7% next year-the fourth consecutive year of growth to a record-setting $644 billion-North American capital expenditures will lag the international pace, according to Barclays 2013 Global E&P Spending Outlook. "We continue to believe we are in the early stages of a multi-year, double-digit growth spending up-cycle internationally, characterized by increased drilling in complex geologies on land, and exploration and development of traditional and emerging deepwa-ter basins," says James West, Barclays oil services and drilling analyst, summarizing the global picture.