US oil rig count hits new high

oil rig14 March 2014, News Wires – The number of rigs drilling for oil and gas rose by 17 this week for a total of 1809, according to data from Houston-based oilfield services giant Baker Hughes.

Oil-directed rigs hit a new high this week, gaining 18 for a total of 1461. That is 120 more than a year ago and the highest level since Baker Hughes began separating its oil and gas rig count in 1987.

Gas rigs, which have shown life of late, edged down by one for a total of 344, 87 fewer than a year ago.

The Permian basin continued to drive the oil-rig count, gaining another eight rigs for a total of 514 – another high in the era of horizontal drilling.

Permian states Texas and New Mexico each gained four rigs, for totals of 868 and 85, respectively.

The Eagle Ford of South Texas added two rigs for 224. The Granite Wash in the Texas Panhandle added two for 52.

In the Williston basin, home of the Bakken and Three Forks shales, operators added seven rigs for a total of 184. North Dakota alone added seven rigs for a total of 177.

The Marcellus gained one on 78, while the Utica was flat on 42. Alaska lost three rigs for 11. California lost one for 40.

One net rig left the Gulf of Mexico for a total of 52. Canada shed 65 rigs for a total of 522.

– Upstream

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