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Shale explorers pump oil on the cheap from slumbering US wells

Published Fri, Jan 8, 2016 · 09:50 PM

Chicago

US shale explorers will be able to bring new supply to market this year even with most of the rig fleet idled and drilling budgets cut to the bone. Their secret: thousands of mothballed wells.

Companies from Exxon Mobil Corp to EOG Resources Inc have 3,994 wells drilled between Jan 1, 2014, and Aug 31 with active permits that had not been completed as at Dec 18, according to William Foiles and Andrew Cosgrove, analysts at Bloomberg Intelligence.

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Companies & Markets

Shale explorers pump oil on the cheap from slumbering US wells

Energy & Commodities

Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains

Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early

Anglo rejects BHP takeover bid as significantly undervalued

India rice prices at three-month low on shrinking demand

Gold prices set for weekly decline ahead of US inflation data

Pricey coffee is here to stay as hoarding, heat hit Vietnam supply

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