World Oil & Gas Spending Trends in 2011 Reviewed in New Report Published at MarketPublishers.com12 Aug 2011 • by Natalie Aster
Market Publishers Ltd informs that new GlobalData's Oil & Gas Reports have been added to its catalogue:
The Permian basin is one of the major producing basins in the US. The production in the basin has increased significantly over the past few years from 598 million barrels of oil equivalent (MMboe) in 2005 to approximately 614 MMboe in 2010. Oil production in the Texas part of the Permian basin accounts for 65% of total Texas oil production. Currently, production from southeast New Mexico accounts for 22% of the total Permian basin production. Production from the Permian basin is expected to increase in future as companies shift from gas to oil focused drilling. Rising crude oil prices, advances in drilling technology, low drilling and production costs, low-risk oil resources and emerging oil plays have sparked renewed interest in the Permian basin.
Per Report Price: US$3,500 (Single User License)
Global oil and gas capital expenditure (capex) witnessed a sharp recovery in 2010 with a growth of 15% over the oil and gas capex in 2009. The trend of increasing capex by global oil and gas companies is expected to continue in 2011 as a further capex growth of 16% is expected over the 2010 level. This increase in global oil and gas capex will be driven mainly by high, sustained crude oil prices, which have recovered from the impact of the global financial crisis of 2008. With the decline in availability of crude oil and natural gas from onshore fields, more complex and expensive technology will be required to produce oil and gas from deep/ultra-deep offshore areas and unconventional sources such as oil and gas shales, oil sands and coal bed methane. It is estimated that in 2011, the global oil and gas industry will witness a total capital spend of $928 billion.
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