Arthur Andersen study confirms non-U.S. focus by U.S. operators

This paper reports that investment in non-US projects in 1991 accounted for 60% of combined exploration and development spending by 30 of the largest US oil and gas companies, a survey by Arthur Andersen and Co. shows. Combined non-US E and D spending in 1991 by surveyed companies increased by 15% to $21.2 billion, while spending on US E and D projects declined by 5% to $14.3 billion, Arthur Andersen found. Combined global E and D spending by the 30 companies surveyed in 1991 totaled $35.5 million, a 6% increase from 1990. An earlier Oil and Gas Journal survey of 22 major integrated companies found combined world capital and exploration spending in 1991 increased by nearly 8% to more than $45.9 billion. Only one third of OGJ's 22 major companies cut spending. Arthur Andersen taillied US and non-US E and D spending based on a survey of 1991 annual reports filed with the Securities and Exchange Commission