VOL. XLIII

No. 35

28-August-2000

OPEC

International Firms Keep E&P Purse-Strings Tight Despite Strong Oil Price

International exploration and production (E&P) spending is expected to be about the same in 2000 as it was in 1999, despite recent high crude oil prices, according to New York-based Goldman Sachs Global Equity Research. Last year the industry spent more conservatively than in years before, says a Sachs analyst, resulting in lower reserve replacement rates among E&P players...