Jan 12 Hess Corp said it expected to
spend $2.25 billion on exploration and production this year,
higher than the $1.9 billion it spent in 2016, in one of the
first signs that oil firms will raise their budgets in 2017
after years of declines.
Global oil and gas companies are expected to raise
exploration and production (E&P) spending in 2017 by 7 percent,
Barclays said on Monday.
Oil prices are recovering after a more than two-year slump,
partly due to an agreement OPEC signed in November to curb
Hess said on Thursday its budget would go toward deploying
additional rigs in North Dakota's Bakken field, developing a
field in Guyana and restarting drilling at the Valhall Field in
(Reporting by Swetha Gopinath and Komal Khettry in Bengaluru;
Editing by Shounak Dasgupta)