High attrition is expected to ease the excess drilling supply, bringing a supply and demand balance in 2017.
The five wells will be drilled back-to-back in the program, which will probably last about two and a half months, Bengal said.
The campaign includes re-entry of the Alta-3 appraisal well and then the suspended Neiden exploration well, and also drilling a new exploration well targeting the Filicudi prospect.
Canadian drillers added more than a dozen rigs this week, helping to push the North American rig count up by 21 to end the week at 542, according to the latest report from Baker Hughes Inc. (NYSE: BHI). The oil and gas rig counts in Canada each grew by seven to 44 and 50, respectively.
The latest report from Baker Hughes Inc. shows the North American rig count jumped by 14 this week.
Industry groups call the rules an ‘unfortunate turn’ and say the regulations include ‘unnecessary requirements.’
VAALCO Energy, Inc. announced that it has executed an agreement with Transocean Ltd. regarding the remaining contract term associated with the Constellation II rig.
There are signs the bottom is at hand, which is the first step in recovery.
The North American rig count ended the week at 507, up 10 from the previous week but down from the 1,001 rigs that were operating a year ago.
At DUG East, a pair of Marcellus/Utica operators pointed to well pad innovation and drilling efficiency as keys to their success in the region.
Analysts and producers have said U.S. crude prices of more than $50 were essential to triggering a well pad return. Some believe that number is higher.
The North American rig count—which had fallen from 993 a year ago to 493—had steadily declined since the downturn began in 2014.