According to Norway’s “Upstream Online†report, two analyst experts from Barclays Investment Bank, one of the world's leading investment banks, said on December 19 that due to the sharp drop in oil prices and the tightening of the credit market, the trend of increasing budgets in six years has been reversed. Expenditure on oil and gas exploration and production will be reduced by 12% to 400 billion U.S. dollars.
Barclays Investment Bank analysts James Crandall and James West said in their half-year report.
Next year, US expenditures for oil and gas exploration and production will be significantly reduced by 26%, from US$106 billion in 2008 to US$79 billion.
Two analysts said that in the United States, Chesapeake Energy's spending on oil and gas exploration and production next year is expected to be reduced by 51%, and Devon Energy is likely to cut 44% of its oil and gas exploration and production expenses next year. In addition, the EOG Resources Division will cut 34% and SandRidge Energy will cut 78%.
ExxonMobil, the largest oil company in the United States, will spend 17% or 450 million U.S. dollars on oil and gas exploration and production in the United States next year. It will reduce to 2.15 billion U.S. dollars, and the company’s expenditure budget for Canada will decrease by 14 next year. %, reduced to 375 million U.S. dollars. However, ExxonMobil’s oil and gas exploration and production expenses outside North America will increase by 14% next year to US$14.98 billion.
In Canada, the US Husky Energy Company is likely to cut its spending by 47% next year, while Devon Energy's budget will be reduced by 71%, Canada’s Talisman Energy will be reduced by 47% and EnCana will be reduced by 16%.
The price of oil hit a record high of US$147.27 per barrel in July this year. However, the price of oil has fallen all the way since then and dropped to US$35.75 per barrel on December 19.
According to Reuters quoted two analysts from Barclays Investment Bank as saying, in 2008, the global spending on oil and gas exploration and production increased by approximately 22%.
Two analysts said that next year's budget forecast is based on an oil price of $58 per barrel and a gas price of $6.35 per 1,000 cubic meters. If the economy continues to slump next year and energy prices continue to fall, oil and gas operators will continue to study budgets and cut spending.
Barclays Investment Bank analysts James Crandall and James West said in their half-year report.
Next year, US expenditures for oil and gas exploration and production will be significantly reduced by 26%, from US$106 billion in 2008 to US$79 billion.
Two analysts said that in the United States, Chesapeake Energy's spending on oil and gas exploration and production next year is expected to be reduced by 51%, and Devon Energy is likely to cut 44% of its oil and gas exploration and production expenses next year. In addition, the EOG Resources Division will cut 34% and SandRidge Energy will cut 78%.
ExxonMobil, the largest oil company in the United States, will spend 17% or 450 million U.S. dollars on oil and gas exploration and production in the United States next year. It will reduce to 2.15 billion U.S. dollars, and the company’s expenditure budget for Canada will decrease by 14 next year. %, reduced to 375 million U.S. dollars. However, ExxonMobil’s oil and gas exploration and production expenses outside North America will increase by 14% next year to US$14.98 billion.
In Canada, the US Husky Energy Company is likely to cut its spending by 47% next year, while Devon Energy's budget will be reduced by 71%, Canada’s Talisman Energy will be reduced by 47% and EnCana will be reduced by 16%.
The price of oil hit a record high of US$147.27 per barrel in July this year. However, the price of oil has fallen all the way since then and dropped to US$35.75 per barrel on December 19.
According to Reuters quoted two analysts from Barclays Investment Bank as saying, in 2008, the global spending on oil and gas exploration and production increased by approximately 22%.
Two analysts said that next year's budget forecast is based on an oil price of $58 per barrel and a gas price of $6.35 per 1,000 cubic meters. If the economy continues to slump next year and energy prices continue to fall, oil and gas operators will continue to study budgets and cut spending.
Wax Melter,Electric Wax Warmer,Candle Wax Warmer,Electric Wax Melter
Ningbo Glory King Imp&Exp Co., Ltd. , https://www.gloryelectrical.com