Talking on the amount companies were going to spend on oil exploration in 2011, Barclays (NYSE:BCS) said 402 companies are expected to spend almost $500 billion in 2011, an increase of 11 percent over 2010. Of that, oil giants BP (NYSE:BP), ExxonMobil (NYSE:XOM), Royal Dutch Shell (NYSE:RDS-A), Chevron (NYSE:CVX) will account for $108.6 billion of it.
The exploration spend will also include looking for natural gas deposits.
The largest oil exploration spender of 2011 will be Petroleo Brasiliero SA (NYSE:PBR), which has a budget of $28.2 billion set aside.
Huge oil deposits have been discovered in the deep waters off the Brazil coast, generating the huge budget put together by the company.
This isn't the full picture yet though, as Barclays said some larger companies haven't revealed their exploration budgets for next year yet.
Petroleo Brasiliero SA closed Tuesday at $35.66, gaining $0.90, or 2.59 percent. BP closed at $44.11, up $0.14, or 0.32 percent. Chevron closed at $91.19, up $1.09, or 1.19 percent. Exxon ended the session at $73.42, up $0.41, or 0.56 percent. Royal Dutch Shell closed at $66.29, up $0.21, or 0.32 percent.
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