Report: Energy firms to spend $678B on E&P projects in 2013

06/5/2013 | Reuters

Exploration and production spending will increase by 10% this year to a record $678 billion, according to a report from Barclays. PetroChina is expected to surpass ExxonMobil as the biggest E&P spender in the world this year, the report says. "We do believe the industry is in the early stages of a strong, sustained upcycle," said James West, a Barclays analyst.

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