Overseas

Big spending by Big Oil in the U.S. shale plays is leading to a big-time recovery in global upstream capital spending, according to energy consultant Wood Mackenzie.

Global upstream capital spending in 2010 likely will exceed $380 billion, led by a “spectacular” recovery in the United States, Wood Mackenzie said in a new report.

Global upstream capital spending in 2010 likely will exceed $380 billion, led by a “spectacular” recovery in the United States, Wood Mackenzie said in a new report.

A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.

A “strong performance” in North America and overseas failed to offset declines in product and software sales for leading oilfield services provider Schlumberger Ltd., which on Friday reported 1Q2010 earnings down 28% from the year-ago period.

With “key” additions from new project start-ups in North America and overseas, ExxonMobil Corp. added 2 billion boe to its internal proved reserves numbers in 2009, which is the highest in 10 years, the oil major said Tuesday.

With “key” additions from new project start-ups in North America and overseas, ExxonMobil Corp. added 2 billion boe to its internal proved reserves numbers in 2009, which is the highest in 10 years, the oil major said Tuesday.

With “key” additions from new project start-ups in North America and overseas, ExxonMobil Corp. added 2 billion boe to its internal proved reserves numbers in 2009, which is the highest in 10 years, the oil major said Tuesday.

Devon Energy Corp.’s decision to sell all of its Gulf of Mexico (GOM) and overseas assets may have come as a surprise to many, but most energy analysts appeared in favor of the plan, calling it a “bold move” that proves the company’s belief in the future of natural gas.