Off To The Races -- E&P -- Previous Estimates Too Conservative

Rigzone link here.

Barclays Capital estimates that global exploration and production (E&P) spending in 2012 will reach $598 billion, up 10 percent from the previous record of $544 billion in 2011.

Increased E&P spending during 2012 will largely be led by international markets with $438.8 billion, an 11 percent increase, while North America E&P spending in 2012 will rise 8 percent to estimated $159.7 billion.

Forecast spending increases are down from international spending growth of 20 percent and 31 percent in North America in 2011, but Barclays sees "considerable upside" to its current spending forecasts.

The numbers are staggering. Let's just hope they keep fracking in the Bakken.