DRILLING COSTS SHOWED SHARP DECLINE IN '92 IN, OFF U.S.

Drilling costs averaged 25.3% lower in and off the U.S. in 1992 despite an increase in average depth from 1991, according to the 1992 joint Association Survey on Drilling Costs. "The decline in drilling and equipping costs parallels the sharp dropoff in the number of wells drilled-the nation's lowest level in almost 50 years," concluded the survey, sponsored by the American Petroleum Institute, Independent Petroleum Association of America, and Mid-Continent Oil & Gas Association.

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