The turbulent nature of energy and financial markets has persisted into 2009 and has had a dramatic impact on the capital expenditure plans of all exploration and production companies. After a sustained period of growth, the spending patterns of major oil companies are contracting as they respond to a sharp decline in commodity prices, constrained cash flows and to challenges faced in the global credit market. The current economic climate is extremely difficult and E&P companies are having to constantly review and adjust their budget forecasts for offshore projects, with some delayed or even cancelled.
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