GOM Rigs Exit as U.S. Count Slips Three Units to 488 Share on: LinkedIn
Onshore activity held steady during the week ended Friday (July 30), but a decline in the Gulf of Mexico (GOM) saw the overall U.S. rig count slide three units to 488, according to the latest figures from Baker Hughes Co. (BKR).
Declines in the United States included two oil-directed rigs and one natural gas-directed unit. The combined 488 active rigs as of Friday is nearly double the 251 rigs running in the year-ago period, according to the BKR numbers, which are based partly on data from Enverus.
The GOM saw three rigs exit during the period, lowering its total to 14 versus 12 a year ago. Land rigs remained unchanged at 473, while one rig continued to operate in inland waters. Four directional units and two vertical units exited overall for the week, partially offset by the addition of three horizontal units.
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Alex Mills
Data from a variety of sources indicate the cycle of contraction in the oil and gas industry has reversed and demand for petroleum products is returning.
The International Energy Agency (IEA) and the Energy Information Administration (EIA) at the U.S. Energy Department both released their short-termed forecasts stating economic activity is on the rise in the U.S. and globally, and they expect increases throughout 2021.
The oil and gas industry in Texas is responding with an increase in activity, according to the Texas Petro Index (TPI).
Activity in the oil patch has made gains since the historic lows witnessed last year. Employment, active drilling rigs, and commodity prices all have increased. However, not every indicator shows strength. Production has not recovered and drilling permits are down, too.