Government news on drilling exploration

Around the world, explorers are pulling back on drilling programmes, rigs are idle and some companies are eyeing hiring supertankers to stockpile oil while prices are at six-year lows.

Oil prices dipped yesterday with Brent crude closing at US $47.57 and West Texas Intermediate hitting a similar trough at US $45.90 a barrel. The drop came as Goldman Sachs sharply cut its forecast for 2015 oil prices, projecting the US commodity would hit US $41 a barrel in three months and US $39 a barrel in six months, down from US $70 and US $75 previously.

Listed New Zealand Oil & Gas says it is cutting back its exploration and the price plunge had the industry reassessing work programmes.

Read the full article on the NZ Herald
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