He said economic analyst, Nemat Abu wool, which is an international expert in the field of energy, oil prices play an important role in determining the level of investment. In the wake of the economic crisis of 2008 and the sharp drop in oil prices, raising the cost of financing new projects, and pressure on energy companies and oil industry, prompting them to reduce the level of spending and delay projects
The expert says, according to reported economic newspaper, reports confirm that global spending on exploration projects, development and production may exceed $ 530 billion, and this new record to the oil industry, exceeding the global spending in 2010 increased by 16 percent, where the spent oil industry about $ 460 billion in last year. This figure exceeded the previous forecast, published earlier in December 2010, with spending expected to grow on the projects of exploration, development and production of about 11 percent in 2011, to 490 billion dollars.
But statistics and recent reports show a decrease in spending in Africa, notably in the wake of supply disruptions in Libya, and fears of a widening supply disruptions to include other producers in the Middle East and North Africa, where refers them to the low level of spending in Africa by 16 percent, to reach 25 billion, with expenditure forecasts have been reduced significantly for each of the Libyan National Oil Corporation and Egyptian General Petroleum Corporation.
It should be noted here that the statistics of expenditure in Africa do not include spending by the U.S. integrated oil companies or independent in this continent.