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Citigroup Investment Research, a division of Citigroup Global Markets Inc., published its 25th annual E&P Spending Survey on Dec. 14, 2006. The 40-page report includes responses from 237 oil and gas companies (up from 196 in 2005), and analyzes spending for 2006 and plans for 2007, focusing on the US, Canada and regions outside North America. The data include 52 tables and figures plus CIR’s comments, survey highlights, the survey’s process and results, and company observations.
The authors say the survey forecasts expenditures to grow 7% to $282.6 billion in 2007 from $264.0 billion in 2006. North American spending is expected to be up 2.1%, to $98.5 billion. This includes a 5.7% increase in the US, to $71.8 billion, and a decrease of 6.6% in Canada, to $26.7 billion. Outside North America, plans for spending $184.2 billion represent a 9.9% increase over 2006 expenditures. Increased international investment programs are driven by a mix of major and national oil companies.
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