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WATCHING GOVERNMENT: What Congress needs to hear

03/17/2008
Oil and gas producers face formidable technical challenges as they venture into deeper water. The money that’s involved can be considerable.That message became apparent as two officials from companies heavily involved in Gulf of Mexico ultradeepwater projects addressed the US Minerals Management Service’s Outer Continental Shelf Policy Advisory Committee Mar. 6 in Herndon, Va.“It can cost $250 million to drill a single well, money which could be lost if it is not successful. That’s the kind of financial risk oil companies are taking,” said Cesar Palagi, Walker Ridge production asset manager at Petrobras America Inc. in Houston.That doesn’t include expen...
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