Big Oil pumps up energy exploration

After a year of record prices for oil and natural gas, the world’s energy companies are stepping up spending on exploration and production. Flush with cash, they’ll spend 2006 hunting for both oil and opportunities to expand their businesses.

That’s good news for consumers. It means oil companies, private and state-owned, are hunting for supplies to replace what’s consumed and to meet surging global demand for oil and natural gas. Global oil consumption is forecast to grow from 82 million barrels per day now to 111 million barrels per day over the next 20 years, so much more fuel must be found simply to keep prices from rising dramatically.

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