Oil Giants Cuts

Shell, ExxonMobil and other oil companies will cut worldwide spending on exploration by 2.5 per cent in 2002, more than previously expected, according to a survey by Salomon Smith Barney.

Oil companies that raised budgets last year only to see prices collapse are more wary this year, said analysts. But the survey also pointed to an upturn in spending for 2003, with 42 per cent of respondents predicting growth of more than 10 per cent. Visit to

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