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Drillers cut five oil rigs this week, bringing the total count down to 763, Baker Hughes, a GE company (NYSE: BHGE), said in its report on Aug. 18.
Drillers have added rigs in 56 of the past 63 weeks since the start of June 2016. The rig count is an early indicator of future output.
The current U.S. oil and gas rig count is 954, according to Baker Hughes. That compares with an average of 509 in 2016 and 978 in 2015.
The world’s biggest oilfield service provider Schlumberger took a 20% stake via a private placement in the company managed by former Seadrill executives in March.
Service companies have been battered by the downturn but are keeping their sights on upcoming market needs.
U.S. shale oil producers expect to pump at least 160,000 more barrels per day this year than previously announced, according to a Reuters review of second-quarter regulatory filings.
Chairman Manuel Pangilinan told reporters he was looking to discuss plans to resume PXP’s stalled Reed Bank project in the hotly contested waterway with the Philippine government.
In an update to its annual drilling forecast PSAC said 7,200 wells will be drilled this year, 8% higher than its prior estimate of 6,680 wells.
Integration and digital enablement will empower the industry to rise above data and domain silos.
Collaboration is the key to integrated drilling systems that optimize designs of shale wells.
Communicating early and often is the key to success.