HOUSTON, Aug. 8 (Xinhua) -- U.S. state of Texas issued 846 drilling permits in July, down 27 percent compared to June and the lowest monthly figure since January due to languishing oil price.
Houston Chronical quoted on Tuesday investment bank Evercore ISI as reporting that it was the state's second monthly decline in a row, marking the first time that has happened since late last year.
State governments across the United States issued fewer drilling permits in July, the latest sign oil companies are curbing activity as crude prices languish under 50 U.S dollars a barrel.
Oil companies across the country took out 3,338 drilling permits last month, a 23 percent drop compared to the month before.
Linhua Guan, chairman of Houston-based Star Energy, told Xinhua that companies in oil and gas section right now intends to reduce or stop investment activities given the current weak demand for oil. Enditem
