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2017-05-02 16:10:00

U.S. RIGS INCREASING

U.S. RIGS INCREASING

OGJThe US tally of active drilling rigs increased by 13 to 870 during the week ended Apr. 28, marking the 12th double-digit rise during 15 straight weeks of gains, according to Baker Hughes Inc. data.

The count is now up 466 units since the nadir of the drilling downturn on May 20-27, 2016, and at its highest point since Aug. 28, 2015 . Since its last decline, the count is up 211 units.

US oil-directed rigs gained 9 units to 697, up 381 since May 27 and their highest level since Apr. 24, 2015. Gas-directed rigs rose 4 units to 171, up 90 since Aug. 26. Two rigs considered unclassified remain active.

The US Energy Information Administration reported this week that US crude production rose 13,000 b/d to 9.265 million b/d during the week ended Apr. 21. A 20,000-b/d increase by the Lower 48 was slightly offset by a 7,000-b/d decline by Alaska.

Meanwhile, Rystad Energy estimates total US oil and condensate production will have increased to 9.3 million b/d from 8.9 million between November 2016 and May 2017 .

Over the past year, investment in the US shale industry has reached more than $100 billion, the consulting service says. Drilling activity has expanded 60% from 2016 levels, while completion activity is up 30%.

Texas-led onshore spike

US land-based rigs jumped 15 units to 849, led as usual by rigs drilling horizontal wells, which rose 12 units to 730, an increase of 416 since May 20-27. Directional drilling rigs rebounded from recent losses with a 3-unit rise to 63.

Three rigs stopped work offshore Louisiana, bringing the total US offshore tally to 17 and matching its low-point—excluding the week ended Sept. 2, 2016, in which the threat of Tropical Storm and Hurricane Hermine forced rig evacuations—since the aftermath of the Macondo well blowout and oil spill. Four rigs are drilling in inland waters, an increase of 1 from the week-ago total.

Texas again accounted for most of the US increase, jumping 11 units to 437, up 264 since May 27. The Eagle Ford maintained its hot streak with a 4-unit gain to 83, up 52 since Oct. 14. The Permian rose 2 units to 342, up 208 since its modern era nadir on May 13.

Oklahoma gained 3 units to 127, up 73 since June 24. The Cana Woodford rose 4 units to 55, up 31 since June 24. Wyoming edged up a unit to 20. The Haynesville also added a unit and now totals 38, up 25 since Sept. 30, 2016.

New Mexico, whose count has been bolstered in recent months by its section of the Permian Delaware basin, lost 3 units this week to 55, still up 39 year-over-year.

Canada's rig count fell 14 units to 85, continuing a seasonal dive that has resulted in 267 units going offline since Feb. 10. Oil-directed rigs dropped 9 units to 24, while gas-directed rigs dropped 5 units to 61.

Even with the recent plunge, the Petroleum Services Association of Canada this week increased its outlook for 2017 drilling to 6,680 wells drilled (rigs released) from its November 2016 forecast of 4,175 wells.

PSAC lifted its outlook in Alberta to 3,320 wells from 1,900 wells, in British Columbia to 449 from 280, and in Saskatchewan to 2,670 from 1,940.

-----

Earlier: 

U.S. RIGS UP 13 

OIL PRICES FORECAST: $55 - $60 

U.S. PETROLEUM DELIVERIES UP 0.2% 

U.S. OIL GAS PRODUCTION UP 

U.S. RIGS UP 8

 

 

Tags: USA, CANADA, OIL, GAS, RIG, COUNT
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