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Oil and Gas Reserves Increased Three Percent in 2009, Despite a 23 Percent Decline in Capital Spending
The worldwide upstream investment of 224 oil and gas companies decreased 23 percent to $378 billion in 2009, according to the 2010 Global Upstream Performance Review, released by oil and gas research firm IHS Herold. Although development spending fell nearly 20 percent, the first decline in a decade, total hydrocarbon reserves increased three percent as both oil and gas reserves grew for the first time since 2005. Production also increased one percent, driven by a 2.2 percent increase in natural gas output.