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Texas oilfields age slows drillers despite high prices
Texas fields show aging with decline of crude output measured in millions of barrels and daily production down around 79 000 barrels from a year ago. Industry leader George Mitchell notes depletion in East Texas and says thousands of new prospects remain with high prices. analysts urge doubling drilling and up to 25 billion dollars yearly investment to sustain growth while critics cite loss of depletion tax breaks as a hindrance.
MENTIONED IN THIS ARTICLE
Dallas
UPI
Texas
Beaumont
Gulf of Mexico
State Railroad Commission
Texas Mid- Continent Oil & Gas Association
George P. Mitchell
Texas Independent Producers and Royalty Owners Association
East
Mitchell
TIPRO