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Special Report: Modest US, Canada drilling pickup seen in second half

07/20/2009
By Alan Petzet
Drilling in the US and Canada could recover modestly in the last 6 months of 2009 if oil and gas prices stabilize or improve.As oil prices tumbled from highs near $150/bbl in mid-2008, the rig count followed to 2009 lows. Rig activity has seemed to begin to stabilize and pick up again only in the last month.What little strengthening the US rig count has been able to muster lately has been tied mainly to rigs drilling for oil, but oil price fluctuations have tested even that firmness in recent weeks.Still, several onshore shale gas plays have shown strength through the drilling downturn.Rig counts in the US and Canada have averaged about 37% lower in the first half of 2009 than they did in...
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