Global oil companies to invest $375 bn despite downturn

The private and state-run oil companies worldwide would invest $375 billion in the hydrocarbon sector this year despite the economic downturn and concerns about low oil demand, market research firm Ernst & Young said in a report.

About 70 percent of the investment would come from the oil companies in Asia and South America, and based on the current estimates, the oil companies would be investing $600 billion in the hydrocarbon sector by 2015, it added.

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