Shell president says federal permitting may have turned the corner

Shell Oil president Marvin Odum said he believes the pace of federal permitting for deep-water oil and natural gas drilling “may have turned a corner” in 2011, according to The New Orleans Times-Picayune.

Odum, who spoke at the Louisiana Mid-Continent Oil and Gas Association in New Orleans, said the company had five floating drilling rigs in the Gulf of Mexico and two more will be there soon, the newspaper reported.

“We’re working hard to make up for what we lost,” he said. “Shell has always had confidence that we’ll get back to where we need to be.”

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