Biggest

Permian Basin rig activity is projected to increase as much as 50% to more than 700 rigs in the next few years, which could be the biggest rig count increase of any U.S. oil and natural gas basin, according to U.S. Capital’s Cameron Horwitz, who directors the firm’s exploration and production (E&P) research.

Permian rig activity is projected to increase as much as 50% to more than 700 rigs in the next few years, which could be the biggest rig count increase of any U.S. oil/gas basin, according to Cameron Horwitz, U.S. Capital’s director of E&P research and author of “Permian Basin: Renaissance in the Desert” (see Daily GPI, June 12). Crude oil production should increase by 750,000 b/d to 1.8 million b/d between now and 2018, Horwitz said.

Operators in Pennsylvania spud fewer Marcellus Shale gas wells last month than the year before, shifted their focus to counties in wetter areas of the play and saw turnover at the top in terms of most wells spud, data from the state Department of Environmental Protection (DEP) shows.

Noble Inc., one of the biggest offshore drilling contractors in the world, is updating its extensive global drilling suite to meet the needs of its clients, a do-over of a strategy from the late 1990s, when offshore rigs were merely upgraded, CEO David Williams said last week.

Noble Inc., one of the biggest offshore drilling contractors in the world, is updating its extensive global drilling suite to meet the needs of its clients, a do-over of a strategy from the late 1990s, when offshore rigs were merely upgraded, CEO David Williams said Thursday.

Encana Corp., one of the biggest natural gas producers in North America, knocked out low prices during 1Q2012 with a solid commodity price hedging program, asset sales and joint ventures, turning the table on year-ago losses. To keep a stranglehold on declining prices, the independent is reducing gas production through spending cuts and shutting in wells, the CEO said last week.

Encana Corp., one of the biggest natural gas producers in North America, knocked out low prices during 1Q2012 with a solid commodity price hedging program, asset sales and joint ventures, turning the table on year-ago losses. To keep a stranglehold on declining prices, the independent also is reducing gas production through spending cuts or shut-in wells.

Halliburton Co., the biggest oilfield services operator in North America, on Wednesday upended Wall Street’s expectations and reported strong first quarter results, despite challenging conditions in North America as producers moved operations from natural gas basins to oil targets.

Despite an ongoing struggle to clear a blockage on its Davy Jones prospect, considered one of the biggest natural gas discoveries in the Gulf of Mexico’s shallow waters, McMoRan Exploration Co.’s exploration results “remain positive,” the New Orleans-based producer said.