13% increase in oil and gas spending

Spending in oil and natural gas is expected to increase by more than 13% worldwide this year. That’s according to GlobalData’s new report, which predicts a 13.4% increase, with North […]

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By Priyanka Shrestha

Spending in oil and natural gas is expected to increase by more than 13% worldwide this year.

That’s according to GlobalData’s new report, which predicts a 13.4% increase, with North America attracting the largest investment of around $254billion (£160.3billion).

It claims the increase of unconventional oil and gas activities, particularly shale gas and the development of Canadian oil sands, are the major drivers for the investments.

Energy companies are expected to spend more than $1trillion this year, up from $916billion (£577.4billion) in 2011.

Among global oil companies, Exxon Mobil Corporation plans the largest spending hike, the report claims.