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Big oil hits sweet spot as projects reap rewards of recovery

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London - Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.

Seven of the world’s largest energy companies will together boost oil and natural gas output by 398 000 barrels a day, the most since 2010, according to data from Oslo-based consultant Rystad Energy. In 2018, output will rise even faster.

The oil majors aren’t increasing their drilling budgets. Instead they’re benefiting from money invested before the rout.

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