Global energy exploration and production (E&P) spending is set to reach a record high of $678billion this year, according to a Barclays Bank survey.
The increase is brought on by a 10% rise in E&P spending through planned activities in the Middle East and other parts of Asia.
The new estimate is higher than Barclays’ forecast of $644billion in December last year.
A 2% rise in spending is also forecast in North America.
However, PetroChina is expected to be the largest global E&P spender in 2013, overtaking ExxonMobil for the first time since mid-1980s.