Shale explorers pump oil on the cheap from slumbering US wells
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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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