HOUSTON — The U.S. oil rig count increased by six this week, with more rigs added in the Permian basin, according to Baker Hughes. The count had declined for 29 weeks until July 2, when oil companies began sending rigs back to oil fields in Texas and elsewhere.
After U.S. oil prices settled near $60 a barrel for an extended period of time, the rig count began increasing in late June for the first time this year. The count has increased five of the last six weeks. However, oil prices have since dipped below $45 a barrel; because there is a lag time between commodity prices and producers in the filed, analysts believe the rig count will again start declining in the coming weeks.
For this week though, the U.S. saw six oil rigs and four natural gas rigs added for a total growth of a 10 rigs. Six rigs were added in the Permian basin and three came offshore in the Gulf of Mexico. Three rigs were taken offline in Pennsylvania. Eight of the rigs added are drilling horizontally.
The U.S. oil rig count is now at 670, still far below the October peak of 1,609. The oil rig count bottomed out June 26 at 628 rigs. The total U.S. count, including natural gas rigs is now at 884 rigs.
Baker Hughes reported that the international rig count for July 2015 was 1,118, down 28 from the 1,146 counted in June 2015, and down 264 from the 1,382 counted in July 2014. The international offshore rig count for July 2015 was 264, down 13 from the 277 counted in June 2015, and down 72 from the 336 counted in July 2014.
Source: World Oil