Global exploration and production spending is poised to reach $723 billion in 2014, according to a 2014 Global E&P Spending Report by Barclays on December 9, 2013. The record will mark the first time spending has eclipsed the $700 billion mark, and represents an increase of 6.1% in regards to 2013’s total of $682 billion. Barclays estimates the United States alone will experience growth of 7% as the world moves away from infrastructure projects and focuses more on the completion side. The North American budget is also predicted to rise 8.5%...

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