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COPYRIGHT 2006 Hart Publications, Inc.
It's been whipped by hurricanes, squeezed by rising insurance costs and nostalgic for the days of cheap dayrates, which were only a couple of years ago. Yet, the shallow Gulf of Mexico remains unbeaten. It does tend to offer smaller finds than long ago, but higher oil and gas futures have shined that up.
Many E&P companies are exiting the Gulf, yet for every seller, there has been a buyer, and they're paying up--an average of $2.06 per proved thousand cubic feet equivalent (Mcfe) in third-quarter 2005--according to investment banker Scotia Waterous. The average price is higher than that of any of the eight other U.S. regions the firm...
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