Oil and gas spending seen increasing – survey

* Spending forecast up from December survey

* U.S. spending to climb 18 pct, Canada up 28 pct

NEW YORK, June 16 (BestGrowthStock) – Global spending on oil and
gas exploration and production will rise 12 percent in 2010,
slightly higher than expected at the end of last year,
according to a survey conducted by analysts at Barclays

Spending on the projects, which had dropped in 2009 amid a
steep downturn in energy prices, is expected to total $447
billion this year, according to the survey of 427 companies.

Spending in the United States is likely to rise 18 percent
to $85 billion, while Canada will show a 28 percent increase to
$27 billion, according to Barclays’ analysts.

In December, Barclays’ semi-annual survey had shown
companies were likely to increase spending by 11 percent.

Spending on exploration and production is heavily dependent
on oil and gas prices, and is the key driver of revenues for
oilfield services companies such as Schlumberger Ltd (SLB.N: ),
Halliburton Co (HAL.N: ) and Baker Hughes Inc (BHI.N: )

Stock Market Today

(Reporting by Matt Daily; Editing by Derek Caney)

Oil and gas spending seen increasing – survey