International oil and gas giants are planning to spend $176.8 billion in exploration and drilling operations this year, according to a report carried by Al-Eqtisadiah business daily.
The paper said 327 oil and gas companies have allocated $176.8 billion to spend on various projects, adding that the figure was 5.7 percent more than the previous year.
American and Canadian companies have made more allocations for exploration and drilling works, the paper said.
American companies alone have increased their budgets by 7.8 percent to $41 billion, the paper said quoting a survey. As many as 249 companies will spend nearly $100 million each this year for their various projects
