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U.S. drillers added oil rigs for a second week in a row this week, raising the rig count to the highest level since March 2015.
Drillers have been predicting an upturn for more than a year only to disappoint but debt ratings firm Moody’s Investors Services said last month that it believed 2018 could mark the low point for industry earnings.
Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
A consortium led by U.S.-based Talos Energy is looking to partner with Mexico’s state-run energy firm Pemex next year on a plan to jointly develop a potentially lucrative oil and gas discovery pending more drilling, Reuters reported on Oct. 9.
Baker Hughes (NYSE: BHGE), the world’s second-largest oil services company, will take a 5% stake in Abu Dhabi National Oil Co.’s (ADNOC) drilling unit for $550 million under a tie-up announced on Oct. 8.
Algeria’s state-owned oil and gas company Sonatrach will launch offshore drilling with France’s Total (NYSE: TOT) and Italy’s Eni (NYSE: E) on two sites in the east and west of Algeria at the start of 2019, its CEO said on Oct. 7.
Drillers cut two oil rigs in the week to Oct. 5, bringing the total count down to 861, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report. This is the longest streak of weekly cuts since October 2017.
Colorado, the sixth largest and one of the fastest growing U.S. oil-producing states, votes Nov. 6 on a citizens’petition that would require new wells be at least 762 m (2,500 ft) from homes, schools and parks.
Embracing digitalization can help operators maintain a competitive advantage.
A new cementing system enhances barrier integrity.
A new additive helps lower surface and interfacial tension.
Efficiency and accuracy of directional drilling is improved with new proportional steering system.