LONDON Oct 18 The U.S. shale oil industry can
maintain flat output if oil prices stay at $50 per barrel, but a
price of $60-$80 per barrel is needed to invest in long-cycle
projects such as deep-water, the chief executive of oil firm
Hess Corp said.
"Because of operational efficiencies and productivity the
industry needs $50 (per barrel) to hold shale production flat
... Our company and others have reduced drilling time from rig
to rig from 30 days two years ago to 15 days," John Hess told
the Oil & Money conference on Tuesday.
(Reporting by Ron Bousso and Karolin Schaps; Editing by Mark