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An assessment by the US Geological Survey reveals potential undiscovered oil and gas in two formations under much of the US Gulf Coast from Texas to Florida. The survey detailed that here are technically recoverable resources of 35.8 trillion cubic feet of gas and 28 million barrels of oil. Thats enough gas to power the entire United States for 14 months at the current rate of consumption, the USGS said in a note.
The drilling unit of the United Arab Emirates' biggest oil company expects to make three acquisitions in the second half of this year totaling about $500 million.
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