Global spending on exploration and development rose by 5% last year, or about $18 billion, among 42 oil and gas companies looked at by the EIA. Meanwhile, those companies spent $17 billion less on property acquisitions, the EIA said.
Overall spending was those companies was was relatively flat in 2013 at roughly $650 billion, but the small increase of 0.4% went towards exploring and developing fields that were acquired in previous years.
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