It looks as though an overall weak exploration program in 2012 will be changing in 2013. Capital expenditure budgets for exploration and production are expected to reach over $644 billion, according to a Barclays report out this week. Does this mean good things all around for the oil services industry? Today, contributor Tyler Crowe and Motley Fool analyst Joel South look at some of the finer details in this report and assess what it could mean for some companies in this space.

Joel South owns shares of Schlumberger.

Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow him at under the handle TMFDirtyBird, on Google +, or on Twitter@TylerCroweFool.

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