Low oil prices mean the driller that has been the most bullish on an oil region that straddles the Louisiana-Mississippi line is cutting back, The Associated Press reports..
Goodrich Petroleum Corp., based in Houston, said Friday that it will spend $80 million to $100 million on exploration and drilling, down from $150 million to $200 million it had previously projected.
The company had said that it would drill 16 to 21 wells in the Tuscaloosa Marine Shale region in southwest Mississippi and Louisiana’s Florida parishes. The new budget will mean fewer wells drilled.
A number of other companies drilling in the region have cut back or pulled out.
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