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Oil sector set for spending hike
- Saudi Arabia: Sunday, December 09 - 2007 at 09:02
Major energy firms like Saudi Aramco and ExxonMobil are likely to hike their spending by 11% next year to $369bn, on the back of record oil prices and mushrooming drilling costs, reported Bloomberg citing a Lehman Brothers Holdings survey. The sum represents a sixth straight year of increases. Much of the investment will go on new oil and gas ventures in Africa, Russia and Latin America.
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Jonathan Sheikh-Miller, Deputy EditorSunday, December 09 - 2007 at 09:02 UAE local time (GMT+4)
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