Most of the new rigs were in the Permian Basin in West Texas, where drillers added eight, bringing the total count up to a five-month high of 168.
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.
Capping stack systems currently available are extremely difficult to deploy due to their size and weight, Halliburton said in a July 11 press release.
The latest report from Baker Hughes Inc. shows the North American rig count jumped by 14 this week.
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.
Helmerich had long provided drilling services for the Venezuelan government. The company disassembled its rigs in 2009 after Venezuela had failed to pay $100 million in bills, Reuters said.
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.
Norrie McKay, CEO of KCA Deutag, said the Ben Rinnes is the company’s last asset in the mobile offshore drilling fleet.
Petrobras has terminated a contract for Subsea 7’s Seven Mar pipelay support vessel (PLSV), which was working offshore Brazil, according to a news release.