Oil projects expected to double in 2017

Posted at 7:33 PM, Jan 11, 2017
and last updated 2017-01-11 22:33:01-05

Oil projects are expected to more than double in 2017.

Oil and gas companies are expected to increase spending this year as confidence that a two-year oil price slump is behind them.

Experts say the outlook is due to a more than 20% rise in benchmark crude prices over the last two months, hitting $55 a barrel.

Exploration and production spending is expected to reach $450 billion this year, still 40% below 2014 levels.