2012 Forecast: E&P spending to reach record $600 billion ///
Global E&P spending in 2012 will approach $600 billion, vs. $544 billion in 2011, according to the Barclays Global 2012 E&P Spending Outlook. The acceleration in worldwide spending is expected to be led by increased expenditures internationally (up 11%), in addition to solid growth in North America (up 8% year-over-year). By region, E&P spending is expected to rise most meaningfully in Latin America, Africa, Europe, the Middle East and Russia. The forecast is based on responses from 351 oil and gas operating companies, including integrated oil companies (IOCs), independents and national oil companies (NOCs).
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