High oil prices, the large amounts of water needed to extract oil and gas through hydraulic fracturing and tighter regulations have prompted the petroleum industry to place a greater value on water, speakers at an Israeli water technology conference said. Six to eight barrels of water are needed to produce a single barrel of oil, and the management of that water now accounts for 30 percent of all production costs, Steven Gould, North American commercial director of Dow Oil, Gas and Mining, a division of Dow Chemicals, said. He spoke at Israel's 2013 Water Technology and Environmental Control Conference (WATEC) in Tel Aviv, which ran Oct. 22-23.
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