Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
North American rig count rises
by Daniel J. Graeber
Houston (UPI) Jan 9, 2017


disclaimer: image is for illustration purposes only

Exploration and production activity in North America surged 12 percent in the month that followed OPEC's output deal, an oilfield services company said.

Baker Hughes Inc. reported the total number of rigs actively drilling or exploring for oil and natural gas internationally was up four, or less than a half percent, from the November count of 925. From December 2015, the international rig count was down 15 percent.

Rig counts serve as a loose gauge of how willing companies are to spend on exploration and production. Counts have moved sharply lower since 2014, when oil prices started their steady decline below $100 per barrel.

Crude oil prices dropped below $30 per barrel in early 2016, but recovered to around $56 per barrel because members of the Organization of Petroleum Exporting Countries agreed in November to a managed decline aimed at correcting an over-supplied market.

The subsequent rise in crude oil prices may have the unintended result of bringing operators back to the more expensive basins in the United States and Canada. North American production added to the surplus behind the downturn for oil prices.

Baker Hughes reports a total Canadian rig count for December at 209, an increase of 20 percent from the previous month. The total U.S. rig count was up just over 9 percent to 634, an increase of 54 rigs from November.

About 5 percent of all rigs working in the United States are deployed in North Dakota, the No. 2 oil producer in the country, behind Texas. Crude oil production from North Dakota peaked in 2014, when oil was trading near the $100 per barrel mark, at 1.2 million barrels per day, but faltered since oil dipped below $30 per barrel early this year.

The North Dakota Industrial Commission said that, since OPEC's agreement, oil and gas operators are shifting from running the minimum number of rigs to incremental increases throughout 2017, so long as oil prices remain above $50 per barrel.

The Texas Alliance of Energy Producers estimates total crude oil production for November was 93.7 million barrels, about 8.3 percent less than the prior year. That gauge was taken before OPEC's production agreement was reached.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Azerbaijan contracts new energy services
Baku, Azerbaijan (UPI) Jan 4, 2017
French energy services company Technip said its position in gas- and oil-rich Azerbaijan is strengthened by a service contract with a state energy firm. The State Oil Co. of Azerbaijan Republic awarded Technip with a contract of undisclosed value for services at a petrochemical complex and gas processing plant in the Caspian border city of Garadagh. "This achievement consolidates ... read more


OIL AND GAS
Economics of forest biomass raise hurdles for rural development

Biomass operations aren't currently feasible in rural communities

Molecular Velcro boosts microalgae's potential in biofuel, industrial applications

Ultrafast lasers reveal light-harvesting secrets of photosynthetic algae

OIL AND GAS
Stability challenge in perovskite solar cell technology

China takes global lead in clean energy: report

New approach captures the energy of slow motion

First movie of energy transfer in photosynthesis solves decades-old debate

OIL AND GAS
French power group aims to double wind capacity

The answer is blowing in the wind

New rules for micro-grids in Alberta

Offshore wind makes U.S. debut

OIL AND GAS
AREVA NP supplies Safety Instrumentation and Control System for Generation 3 Reactor

Battling energy crisis, Pakistan turns on fourth nuclear plant

Report finds additional radioactive materials in gas-well drill cuttings

Chemistry research breakthrough that could improve nuclear waste recycling technologies

OIL AND GAS
Tillerson called to testify on climate issues

Seizing environmental opportunities under a Trump presidency

Climate report says 2016 on pace to be hottest year yet

Glee to gloom: Climate and the 'Trump effect'

OIL AND GAS
The future of car tech: getting to know you

Renault-Nissan doubles down on autonomous cars

VW near $2 bn US criminal settlement in 'dieselgate': report

Chrysler's new tech-rich concept car aims young

OIL AND GAS
Turkey PM heading to Iraq to ease tensions

US-led coalition boosts Mosul military advisors to 450: official

Iraq PM says opponents spreading fake news of bombings

Iraq forces retook over 60% of east Mosul: commander

OIL AND GAS
N. Korea plans nuclear push in 2017: top defector

Kim says N. Korea in 'final stages of test launching ICBM'

US condemns Pyongyang missile plan, warns against 'provocative' actions

Final U.S. ship transferred to South Korean navy decommissioned









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.