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Well completions in the U.S. will fall to a modern record low during 1992.
In fact, languishing U.S. oil and gas basins may see fewer wells drilled than in any year since 1945.
A continuing move by U.S. operators to drill more non-U.S. prospects and fewer domestic ones is one factor in the decline.
Another warmer than normal winter has so far held back gas prices from much of a seasonal surge, and expectations are that crude oil might flood the market during 1992 as several countries return to production.
Several major oil companies have scheduled substantially lower budgets for U.S. exploration and production this year.
One respondent to Oil and Gas Journal's survey of major oil companies said it based its estimate for onshore drilling for 1992 on its 1991 drilling "due to possible budget cuts in 1992. " The company said a more detailed …