The 2016 decline in global exploration and production spending projection will mark the second time in the industry’s history for a consecutive year drop, Barclays says. There’s a new oil paradigm running oil and gas, and based on what the experts are saying, even the largest cap exploration and production (E&P) companies are going to have to adjust. Barclays Capital released a report this Jan. 13 that pegged global E&P 2016 spending would be down 9 percent, but at the time of their survey of 225 upstream companies, oil prices were between $65 and $75 per barrel, said David Anderson, a Barclays senior equity analyst, during a conference call with reporters. But all of that was $35 ago for oil prices. Given the dismal low $30s that a barrel of oil is fetching these days, that spending cut will likely be closer to 20 percent, he said. In North […]