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Drillers added 21 oil rigs in the week to March 24, the biggest weekly increase since the week to Jan. 20, bringing the total count up to 652, up from a six-year low of 316 in May, energy services firm Baker Hughes Inc. (NYSE: BHI) said March 24. During the same week a year ago, there were 372 active oil rigs.
Turkey, which supports a breakaway Turkish Cypriot state in northern Cyprus and is highly influential there, says the Greek Cypriot-led government of the island has no right to explore for hydrocarbons, Reuters reported.
Britain is estimated to have enough trapped shale gas to meet its gas needs for decades. However, the use of fracking is opposed by environmental campaigners, Reuters reported.
Gas supply has become a hot issue following blackouts and brownouts in Australia's eastern states over the past year, and as growth in LNG exports has led to soaring gas prices for manufacturers, Reuters reported.
Beach Energy, Santos, Strike and Senex have been named recipients of AU$24 million in grants from the South Australian government.
Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said March 17. During the same week a year ago, there were 387 active oil rigs.
The company said proceeds would support investments in drilling, exploration and appraisal programs offshore Ghana, and more will be invested in Kenya, other parts of Africa and South America, Reuters said.
In an astonishing paradox, Australia is hurtling towards chronic domestic gas shortages and power outages just as it becomes the world’s biggest LNG exporter.
The increase came despite a collapse in crude futures this week to a three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher.
As downhole conditions continue to become more difficult and well profiles more complex, some contractors and operators are introducing systems that aim to move the drill floor from mechanization to automation.
Efficiencies have pushed break-even prices to below $40 per barrel, a significant gain for Argentina, which has struggled to attract capital since crude prices started to decline in 2014.
IEA’s report predicts that rising global oil demand will outpace producer increases by 2022 unless investment increases sharply and soon.