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First quarter US drilling plunges to 2004 levels

04/27/2009
US oil and gas drilling during the first quarter dropped to levels not seen since 2004, ending 6 consecutive years of year–to–year growth for the period, reported the American Petroleum Institute Apr. 15. An estimated 11,071 oil wells, gas wells, and dry holes were completed in 2009’s first 3 months, 22% less than in 2008’s first quarter and 35% lower than the total for 2008’s final quarter, API said in its latest quarterly well completion report.“The lower US drilling activity indicates that the exploration and production sector is not immune to the current economic downturn and that they, like most industries, are facing tough business choices,”...
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