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Jan 9 (Reuters) - Oil and gas companies could cut spendingon exploration and production (E&P) in North America by 30percent or more this year if U.S. crude oil prices continue totrade in the $50-$60 per barrel range, Barclays said.
Brent crude futures were at $50.50 on Friday, whileU.S. crude futures were at $48.57 - both at five-yearlows, having more than halved since June due to oversupply andtepid demand growth.
Spending in North America will fall 14.1 percent, whileinternational spending will fall 6.7 percent, Barclays said,noting companies' budgets had assumed Brent at about $70 perbarrel and U.S. crude at $65.
That would mean spending across the globe would fall about 9percent to $619.43 billion this year, Barclays estimated on thebasis of a survey of 225 oil and gas companies.
Given the continued fall in oil prices, spending could"trend even lower", with North America being hit the hardest,Barclays said on Thursday in a report titled "Global 2015 E&PSpending Outlook". (http://bit.ly/1HYwL5Q)
Several U.S. companies have already announced much smallerbudgets for this year and some are even reducing the number ofrigs they use as drilling in several shale fields proves to beuneconomic at current prices.
The U.S. onshore rig count is expected to fall by 500 rigsover the year to about 1,250 rigs by the end of 2015, accordingto Barclays.
The bank said the Middle East will be the lone source ofstrength globally, with spending expected to rise 14.5 percentas companies stick with their drilling plans assuming the oildownturn will be of a much shorter duration than in the past.
This is only the seventh time in the 30-year history of itssurvey that global spending is estimated to fall, Barclays said,noting that after almost every decline spending rose by morethan 10 percent the following year. (Reporting by Swetha Gopinath in Bengaluru; Editing by SavioD'Souza)
