E&P spend forecast to drop 17%

摘要

The world’s oil and gas exploration players are forecast to slash capital expenditure (capex) by 17% this year as the crude oil prices slide hits budgets, according to a survey by Cowen and Company. The survey, based on an average oil price of $70/bbl, estimates that global exploration and production capex will slide 17% to US $571 Bn. If oil prices average $60/bbl, spending could drop by 30-35%, according to the survey of 476 oil companies.