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| Oil groups get one-year extension on leases |
| Barack Obama is granting the oil and gas industry a one-year extension on leases companies hold in parts of Alaska and the Gulf of Mexico, fulfilling a small but significant request on the industry’s Washington wish list. The administration also announced it would begin conducting annual lease sales in Alaska’s petroleum reserve, with at least one lease to be sold by the end of 2011. The news, which comes as the US president faces increasing political pressure because of high petrol prices, will be especially welcomed by Shell, which has faced significant drilling delays on its existing lease in Alaska because of litigation with environmental groups http://link.ft.com/r/6NPSBB/ |
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