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Global exploration and production spending is set to reach a record $644 billion in 2013, up 7% from $604 billion in 2012, according to Barclays’ Global 2013 E&P Spending Outlook. Spending growth in 2013 should be driven almost entirely by international markets, where estimated capital budgets will jump 9%, as the international and offshore cycles continue to build momentum, and commodity prices remain at attractive levels. In contrast to the international sector, E&P spending in North America (NAM) is forecast to pause, with flat, year-on-year spending in both the U.S. and Canada expected during 2013. By region, E&P spending is expected to rise most meaningfully in Latin America, Australasia and the Middle East. The forecast is based on responses from over 300 oil and gas operating companies, including integrated oil companies (IOCs, independents and national oil companies (NOCs).
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