Middle East Economic Survey

VOL. XLVII

No 42

18-October-2004

SUPPLY/DEMAND

Record Upstream Development Spending Not Matched By Exploration, Says Woodmac

Upstream development spending is at a record high and will translate into an upturn in oil production in the next few years. However, the upturn in development spending by the 10 largest quoted global oil companies has not been matched in the exploration sector, despite high oil prices, Edinburgh-based analyst Wood Mackenzie said. Development...