E&P spending to top $700 billion globally in 2014 ///

Global E&P spending is poised to reach a new record of $723 billion in 2014, up 6.1% from $682 billion in 2013. This year should mark an acceleration of growth in North America, to over 7%, led by the U.S., coupled with continued solid growth (+6%) in international markets, particularly in the Middle East, Latin America and Russia. Capital bud-gets in the U.S. and Canada are expected to rise 8.5% and 3%, respectively. Companies are basing 2014 spending plans on oil prices averaging $98 Brent and $89 WTI, and U.S. natural gas prices at about $3.66 Mcf.

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