VOL. XLIII

No. 09

28-February-2000

UPSTREAM

International Oil Majors Slate 15-18% E&P Expenditure Increase For 2000 After Lackluster 1999

International integrated petroleum companies are expected to increase their annual capital expenditure this year by an average of 15-18%, according to Salomon Smith Barney of New York. However, the increase follows a 26% decline in upstream spending by the majors in the period 1998-99 and a fall in oil and gas production volumes for last year.

Salomon Smith...