U.S. drillers cut two oil rigs in the week to May 27, bringing the total rig count down to 316, the lowest since October 2009. However, the number of U.S. gas rigs increased by two to end the week at 87.  

Mozambique's Council of Ministers approved the PSA FDP in January this year. Sasol commissioned a drilling rig from French-based drilling contractor Societe de Maintenance Petroliere, Reuters reported.

Panelists at Hart Energy's DUG Permian conference said sand, spacing and slickwater have played key roles in the multistage fracturing process that contributed to the Permian Basin becoming today’s largest oil-producing region in the U.S.

In the autumn of 2015, the Aasta Hansteen Field’s startup was postponed one year, until the last half of 2018, effectively postponing the field’s drilling program. 

The extension of reservoirs in the eastern extent of the SNE Field, more than 5 kilometers (km) to the east and downdip of SNE-3 was confirmed.

Larne Basin has broad similarities to Carboniferous-sourced East Irish Sea Basin to the southeast, which has produced more than 200 MMbbl of oil and 4 trillion cubic feet of natural gas.

Drillers in Canada added five oil rigs and two gas rigs this week, but the U.S. total dropped by nine.

Brazil's state-run oil company Petrobras expects to drill 65 new wells in 2016 and kept its forecast for average output during the year at 2.145 million barrels per day, the company said in a presentation after its quarterly earnings release on May 12.

The company reported a quarterly loss of 1.25 billion reais ($358 million).

Noble, rigs, drillship, contract, jackups, Freeport-McMoRan, oil, gas, downturn

While cash helps, it will not wipe away all woes for the offshore drilling contractor that is depending on its ‘premium fleet’ among other qualities to weather the downturn.

The U.S. oil rig count dropped by four to 328, while the gas rig count landed at 86, down one.

EOG Resources, EOR, Eagle Ford, Austin Chalk, shale, oil, price, drilling, completions

As the company awaits market rebalancing, it is pursuing EOR technology and improving completion designs to enhance efficiency and production.

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