OPEC's Drilling Projects Moving Amid Price Rise



LONDON (Dow Jones), Oct. 20, 2009

Several longer-term OPEC drilling projects that had been put on hold during the low point of the recession are now moving forward, in a sign that rising oil prices and recovering demand are breathing life back into drilling investment, the oil and gas group's chief said Tuesday.

Organization of Petroleum Exporting Countries Secretary General Abdalla Salem El-Badri said seven oil projects totaling 1.2 million barrels a day in various OPEC nations had re-started development in the past weeks.

"The environment is changing and starting to become more healthy," El-Badri told The Wall Street Journal in an interview. He was speaking ahead of an industry conference here.

 

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