Rigs

While the unconventional rig count for the week ending June 19 showed a small gain in the number of oil and natural gas rigs on the job, the overall U.S. rig picture…

Rig count data for the 14 unconventional oil and natural gas basins tracked by Baker Hughes Inc. showed that rig movement for the week ending June 19 was flat at 650, while NGI's assessment of eight additional basins from Baker Hughes data showed a week-over-week increase of four rigs to 60.

The U.S. rig count continues to decline, but oil supplies aren't in a "consistent decline," in part, say analysts, because the number of wells drilled in the onshore is sharply higher than the number of wells awaiting completion.

The rig counts and production moved into reverse during April in North Dakota but the number of producing wells and prices for Bakken Shale sweet crude pushed forward, the Department of Mineral Resources (DMR) reported Friday.

While the unconventional rig count for the week ending June 19 showed a small gain in the number of oil and natural gas rigs on the job (see related story), the overall U.S. rig picture still showed a two rig decline to 857, according to Baker Hughes data.

Rig count data for the 14 unconventional oil and natural gas basins tracked by Baker Hughes Inc. showed that rig movement for the week ending June 19 was flat at 650, while NGI’s assessment of eight additional basins from Baker Hughes data showed a week-over-week increase of four rigs to 60.

The U.S. rig count continues to decline, but oil supplies aren’t in a “consistent decline,” in part, say analysts, because the number of wells drilled in the onshore is sharply higher than the number of wells awaiting completion.

The Baker Hughes Inc. count of rigs running in unconventional basins declined by two to end at 650 on Friday (June 12). Most of the basins held steady for the week, and the declines were spread out.

The United States experienced a net decline of nine operating drilling rigs in the latest Baker Hughes Inc. count released Friday (June 12). Land-based, horizontal and oil-directed units led the retreat. Meanwhile, Canada added 11 rigs as drilling season returns to the frozen north.