U.S. rig count doubled from last year

9 Jun 2017   Shale Oil, USA

The number of rigs targeting oil and gas reserves in the United States in May was double the level from last year, Baker Hughes reported. Rig counts serve as a loose metric to gauge the industry’s interest in spending on exploration and production in a particular sector. A report last year from consultant group IHS Markit found new production from the heavier oil sands in Canada, for example, needed crude oil prices higher than $70 per barrel in some cases to get off the ground. U.S. shale oil basins, meanwhile, have become more efficient and therefore more resilient to a weaker market. Oilfield services company Baker Hughes reported a net gain in North American rig counts, […]

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