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As the hedges roll off, credit tightens and the realization that high prices are far off settles in, many companies will need to offer assets for sale and stronger ones will find good deals.
Federal regulators have begun a 30-day review of a broad plan that forms a framework for Shell to resume Arctic drilling this summer. The company also must obtain permits for each proposed well.
Federal regulators scrutinizing Shell’s bid to resume Arctic drilling next summer are pressing the company for more evidence it has fixed the kind of problems that plagued its last search for black gold in the region.
The name evokes an oil discovery that made history. When a well piercing the salt dome near Beaumont first gushed in 1901, it introduced a cheap supply of commercial energy that transformed the oil industry and American life.
Energy industry activity in Texas generally has declined over the past year, as the rig count fell, drilling slowed, and hiring moderated, according to a monthly Texas Petro Index report.
Worldwide spending by oil and natural gas companies is on track to break $1 trillion this year, with North America commanding the largest portion, according to an analysis by GlobalData.
U.S. oil reserves grew 9 percent in 2011 as companies funneled billions into exploring for new deposits across the country, according to an Ernst & Young study.
The number of rigs actively exploring for oil and natural gas in the U.S. rose 11 this week to 2,023.