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Oil, Gas Exploration Spend to Fall to 12-Year Low as Prices Bite


  • Global spending on oil and natural gas exploration is set to fall next year to the lowest level in 12 years as the industry cuts costs and shuns more expensive areas such as the Arctic, according to Wood Mackenzie Ltd.
  • Chevron Corp. said this week it would reduce spending on oil exploration and other projects by about 15 percent next year to $19.8 billion after the collapse in crude prices.
  • The industry will focus on fewer wells at much lower costs, with spending on a single exploration well more than halving next year to $40 million from as high as $86 million in 2014, Latham said.



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