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Oil Industry Begins to Recover after Three Year Downturn


This year is starting out with a positive outlook for the oil industry. Wood Mackenzie Ltd., an industry consultancy, estimates project approvals will double from the past three slump and spending on new oil exploration and development of current projects will increase to approximately $450 billion.

According to Wood Mackenzie, nine companies moved forward with oil and gas fields in 2016. This year, more than 20 projects are set to be approved for development with roughly a third of them to be located in deep waters.

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