With gains spread across multiple drilling regions, including the Permian Basin and the Marcellus Shale, the U.S. rig count climbed five units to finish at 475 for the week ended Friday (July 2), according to the latest tally from Baker Hughes Co. (BKR). Four oil-directed rigs and one natural gas-directed rig were added in the…
Exploration And Production
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Latin American Oil, Natural Gas Companies Positioned to Prosper in Coming Years
Oil and gas prices are on the up and Latin American producers should be able to reap some benefits thanks to recent cost-cutting efforts, according to a new report from Fitch Ratings. Latin American oil and gas companies have before tax full-cycle costs of approximately $34/bbl, Fitch said. This is well below most price forecasts…
Natural Gas Rig Count Up as Overall U.S. Activity Flat in Latest Tally
The U.S. natural gas rig count climbed one unit to finish at 98 for the week ended Friday (June 25), while a small decline in oil rigs left the overall domestic tally flat for the period, according to data from Baker Hughes Co. (BKR). One oil-directed rig exited the patch in the United States during…
Bitcoin Mining Digging for E&P’s Natural Gas Gold in Lower 48
A symbiotic relationship is burgeoning in North America between oil and natural gas producers and miners of the cryptocurrency Bitcoin. Both groups are seeking to capitalize on immense volumes of excess and/or stranded natural gas flared off or shut in by a lack of infrastructure. Bitcoin mining offers a new outlet for this gas at…
Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally
As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…
U.S. Adds One Natural Gas Rig as Numbers Rising in Oil Patch
The U.S. natural gas rig count increased one unit to 97 for the week ended Friday (June 18), while a surge in oil-directed drilling lifted the combined domestic tally to 470 for the period, according to the latest figures from Baker Hughes Co. (BKR). The United States added nine rigs overall for the week, including…
Rigs Flocking to Oil Patch as U.S. Count Surges to 470
The U.S. oil patch continued to add to its numbers during the week ended Friday (June 18) as the overall domestic rig count surged nine units higher to 470, according to the latest figures from Baker Hughes Co. (BKR). Changes in the United States for the week included the addition of eight oil-directed rigs, along…
U.S. OFS Jobs Seen ‘Fairly Flat’ as E&Ps Shift from Production Growth
Employment in the U.S. oilfield services (OFS) sector ticked up in May as growth in support roles and equipment fabrication offset declines in extraction, pipeline construction and manufacturing, according to estimates by the Energy Workforce & Technology Council. The sector grew by 1.6% in May, racking up an additional 9,707 jobs over April, according to…
Latin America Oil, Natural Gas Capex Seen Rebounding in 2021
Upstream oil and gas spending in Latin America is on track for a modest year/year (y/y) recovery in 2021 after a pandemic-driven slowdown in 2020, according to Evercore ISI. Exploration and production (E&P) spending by select firms in the region fell by 14% y/y in 2020, Evercore analysts said in the firm’s 2021 Global E&P…
U.S. Natural Gas Rig Count Slides as Oil Patch Sees More Growth
The U.S. natural gas rig count fell one unit to 96 for the week ended Friday (June 11), while the oil patch continued to add to its numbers, lifting the overall domestic drilling tally in the process, the latest data from Baker Hughes Co. (BKR) show. Oil-directed drilling increased by six units in the United…