NAPE US Shale Industry Aggressively Returns

The industry is coming back to life, with recovery reaching outside the prolific Permian Basin.

Less product results in greater depth than the competition.

Eco Atlantic also owns several licenses to drill offshore Namibia, one of which is also in partnership with Tullow, Reuters reported.

There are about 350 unsanctioned discoveries containing more than 3 billion barrels of oil equivalent remaining in the U.K. Continental Shelf. Most small pools are in close proximity to existing infrastructure.

Weatherford will contribute well construction expertise, managed pressure drilling  solutions, directional drilling capabilities and drilling hardware, and associated software applications and engineering personnel.

The Total-led consortium has bid for one block in the Ionian. Hellenic Petroleum has bid independently for two other blocks in the same region, Reuters reported.

The production test recorded the Merakes reservoir's gas deliverability. Merakes could have 2 trillion cubic feet of gas in place.

Almost two-thirds of the rigs added since May were in the Permian Basin. Drillers this week added 10 rigs there, bringing the total up to 291, the highest since March 2015.

Industry sources told Reuters last year that Aramco was operating about 212 oil and gas rigs, a level it had kept steady since 2015. That number did not include rigs used to drill water wells.

Drillers added 29 oil rigs in the week to Jan. 20, bringing the total count up to 551, the most since November 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said on Jan. 20. During the same week a year ago, there were 510 active oil rigs.

Russia's Gazprom Neft, the oil arm of gas giant Gazprom, said on Jan. 20 it has launched two more production wells at the Prirazlomnoye offshore Arctic oil field.

Drillers added four oil rigs in the week to Jan. 6, bringing the total count up to 529, the most since December 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said on Jan. 6.