Global oil cos’ spending soars but production, reserves growth lag

Global energy companies boosted their investments in the upstream business by 31 pct in 2005, but only to achieve a marginal growth in oil and gas production and reserves.

Global spending on exploration and production grew by 66 bln usd to 277 bln usd in 2005 as industry giants like Exxon Mobil Corp, BP PLC and Royal Dutch Shell PLC stepped up their hunt for more resources to meet rapidly growing demand, according to a study published today by US energy research firm John S. Herold Inc and corporate advisor Harrison Lovegrove & Co Ltd.

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