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As oil majors show restraint, private firms take up the slack

While oil giants and publicly traded oil companies remain committed to capital discipline, private operators are spearheading US shale's revival and are on track to spend as much as $3 billion on exploration and production in just the first three months of this year, according to industry data provider Lium. "In a few months, a lot of private operators will return in an aggressive manner to add wells and rigs because they are able to realize returns faster as oil prices are improving," said Rystad Energy Head of Shale Research Artem Abramov.

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