Global Oil and Gas Exploration and Development Expenditure in 2003 Rises 4.8 Percent as Compared to Previous Year

A recent survey by Friedman Billings Ramsey (FBR) shows that the oil and gas companies worldwide plan to increase the fund for exploration and development to US$136 billion in 2003, 4.8 percent up from the previous year. The second half of 2003 will see even a higher increase in the fund. In 2002, the exploration and development expenditure of the surveyed oil and gas companies rose 3.6 percent as compared to 2001.