Gas-focused drilling in Latin America fell sharply during May. There were 14 rigs drilling for gas in the region during the month, according to Baker Hughes data. That is the lowest level of activity since the company began publishing a breakdowns of rigs by region in 1995. Bolivia lost two rigs during the month, while Argentina lost one.
However, the correlation between drilling activity and output in the region is weakening, as producers are squeezing more gas from fewer wells. Gas production in South and Central...
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