Oil prices need to be higher, costs lower and credit easier to revive exploration and development of oil and gas projects that have been hit hard by the global economic downturn, industry officials told the Reuters Global Energy Summit in early June. Oil and gas executives reported that most of the oil majors, such as BP and Total, continued to invest in future oil and gas output despite severe recession across much of the globe. However, many smaller upstream companies, the petroleum services sector and firms in costlier regions of the world, had been hard hit by recession, lack of finance and a collapse in oil prices.
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