Shale miners in the U.S. have ambitious plans for 2017 despite cheaper oil

Developers of oil shale resources in the U.S. are not going to slow down. 04.Aug.17 1:03 PM By Daria Zaytseva Photo Toinnov.com    386

They plan to increase the production of raw materials, despite the decline in world prices, which forced them to cut budgets in 2017 by more than $ 1.2 billion. U.S. oil shale miners increased the oil production plan by at least 160,000 barrels per day this year, based on the company's results in the second quarter. Thus, the oil shale oil producers in the United States once again confirmed their ability to adapt to new conditions through optimization of production and drilling technologies. "We can quietly mine more for less money," said the head of Marathon Oil Corp Lee Tillman. The surplus supply in the world oil market, which persists in spite of the global Organization of the Petroleum Exporting Countries pact + on the limitation of raw materials production, has pushed down the quotations for the American WTI down, and analysts have been waiting for the budget revision by the shale miners and, as a result, slowing down the growth rates of drilling activity. The number of drilling rigs in the United States increased by 10 pieces in July, according to data from the oilfield service company Baker Hughes. This is the minimum indicator in monthly terms since May 2016.

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