MAX PETROLEUM - The Birth of a Giant

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Posted on Tue, Dec. 27, 2005

Big Oil pumps up energy exploration

Flush with cash after surge in prices, firms pour money into hunt for new sources

BY KEVIN G. HALL
Washington Bureau

WASHINGTON — After a year of record prices for oil and natural gas, the world's energy companies are stepping up spending on exploration and production. Flush with cash, they'll spend 2006 hunting for both oil and opportunities to expand their businesses.