US Rigs Up For Second Straight Week For First Time Since August

Crude oil's flirtation with $50 per barrel drive U.S. weekly rig count up for only second time in 2016.

The U.S. oil rig count dropped by 11 to 332 this week, compared to last week.

Total U.S. rig count down 12 rigs from last week to 502total U.S. rig count down 12 rigs from last week to 502.

Barclays, global, E&P, spending, outlook, offshore

Well spend could fall to an estimated $72.3 billion in 2016, compared to an estimated $92.9 billion in 2015, according to a global spending forecast.

Eagle Ford, Enterprise Products Partners, Permian, Pioneer Natural Resources, A&D, acquisition, divestiture

Enterprise Products sells 2,300 miles of Gulf of Mexico pipeline to help foot the bill for 460 miles of Eagle Ford midstream assets it purchased in July.

The rigs are Deepwater Expedition, Transocean Legend, Transocean Rather and GSF Arctic III.

The offshore drilling market is entering its second year of the downturn, which is shaping up to be more challenging than the first – and worse than had previously been expected by the industry, according to Seadrill. 

Ensco has swallowed a bitter pill with confirmation it has taken fourth-quarter 2014 non-cash goodwill and asset impairments totaling $3.9 billion.

A total of 27 out of 72 ultradeepwater-capable (7,500 ft+) newbuild rigs due to be delivered between 2015 and 2020 are currently uncontracted, according to deepwater driller Ocean Rig.

The contact has an estimated value of about NOK 110 million (US$14.4 million).

According to analyst Douglas-Westwood in one of its regular weekly market statements the number of active ultradeep rigs has remained high, with 171 units contracted compared to 175 units in January 2014.