Salomon: `97 E and P looking strongest in 9 years
Based on companies` disclosed spending plans, 1997 is shaping up to be the strongest year-ahead outlook in 9 years, according to Salomon Bros. Inc. Salomon Bros.` conclusion stems from its 15th annual survey of worldwide oil and gas exploration and production spending. The survey, released last month, included 125 US independents, 97 Canadian companies, 103 companies outside the US and Canada, and 15 majors. Significantly, when the 15% growth experienced in 1996 is combined with the 1997 outlook, it represents the strongest indicator of 2-year activity in the past 15 years, said Salomon Bros. Double-digit spending growth is projected in all regions for 1997, the analyst said. Salomon Bros. said a higher percentage of companies` E and P budgets are being allocated to offshore projects, driven in part by attractive prospects, 3D seismic technology, and increased operational efficiencies.
- OSTI ID:
- 445570
- Journal Information:
- Oil and Gas Journal, Journal Name: Oil and Gas Journal Journal Issue: 7 Vol. 95; ISSN OIGJAV; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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