Word: drilled
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...convince people that he was serious about developing alternative energy sources. (He isn't, really. His proposed budget increases for such projects run in the millions; a single tax break for oil companies proposed in the Interior Department's budget-a reduction in the rent they pay to drill on public land-will cost an estimated $7 billion.) Then three days after the terrorist attack on Iraq's Golden Mosque, Bush gave another of his "freedom's on the march in the Middle East" speeches to a subdued American Legion audience in Washington. A paragraph condemning the mosque attack...
...Sheltered from the deadly mayhem around Baghdad, the economy of Kurdistan, the region that comprises the three northernmost provinces of Iraq, is already showing signs of vigorous growth. Turkish, British and Canadian oil companies have held talks with Kurdish officials in recent months to revive old oil fields and drill new ones. Oil has the potential to jolt Iraq's precarious ethnic balance by injecting sizable revenues and foreign investment into an area about twice the size of New Jersey. Much of the work is still exploratory, but Western engineers and Kurdistan's Regional Government believe that huge riches could...
Ironically, the first winner isn't an oil giant from the "coalition of the willing" but DNO ASA, a small company traded on the Oslo Stock Exchange. DNO negotiated the rights in early 2004 to drill in about 1,500 sq. mi., inking the contract in the final week of the U.S.-run occupation of Iraq. DNO's managing director, Helge Eide, said he felt he "had to do it before the interim government came in," fearing Iraq's new rulers might strip the Kurds of rights to negotiate their own energy deals. It was a risky move, since politicians...
...This new regulation...would require an exceptional amount of investigation from the university’s perspective into whose interaction with what equipment would require a license,” Casey said. “In order to drill to that level, it would be an incredibly expansive regulatory exercise to go through...
...COMPANIES DRILL MORE WELLS? Oil and gas companies are flush with profits, so they could afford it. Exxon Mobil alone earned nearly $10 billion in the third quarter, a record for any U.S. firm. But companies seem more inclined to buy one another's assets and invest in proven reserves than go hunting for new sources. Conoco Phillips recently bid $35.6 billion for Burlington Resources, one of the world's largest natural-gas producers. In the contiguous 48 states, easily accessible fields are running full tilt. "We've had great success finding new reserves, but these are unconventional sources...