Oil rout puts smaller drillers at advantage as big players cut back
Smaller explorers are quick to use the opportunity of declining costs and increasing availability of rigs to gain ground
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CRUDE oil's plunge is leaving drilling rigs idle from Africa to Latin America as the world's biggest energy companies curtail spending and stall projects. Their smaller rivals are seizing the opportunity to gain ground.
Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy towards the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
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