Total 2012 Upstream Oil and Gas Spending to Reach Record Level of Nearly $1.3 Trillion; Set to Exceed $1.6 Trillion by 2016, IHS Study Says

Global upstream capital and operating expenditures (CAPEX and OPEX) are set to reach a combined record of $1.23 trillion for 2012 and expected to rise to $1.64 trillion in 2016, according the latest IHS Upstream Spending Report. CAPEX on new projects and OPEX on existing plays are expected to reach new records of $728 billion and $500 billion in 2012, respectively.

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