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SPECIAL REPORT: Smaller drilling gain due in US as Canada’s drop persists

01/21/2007
Oil and gas drilling in the US will depend as much as ever on commodity price levels.All indicators point to another drilling decline in Canada, but for now OGJ still forecasts a small uptick in drilling in the US.Most operators project higher capital and exploration budgets for 2008, and those in the large multirig and mostly unconventional gas plays still foresee increasing the number of rigs they employ throughout the year.Nevertheless, lingering price weakness could temper the optimism or even result in underspending if not outright cutting of budgets.Here are highlights of OGJ’s early year drilling forecast for 2008. Operators will drill 49,012 wells in the US, up from an estim...
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