rig count

The number of active natural gas rigs in the US fell further to 80 on 8 May. The number had dipped to 85 on 21 April, the lowest number since August 2016, according to the Baker Hughes rig count.

In 2 months, the US saw a 56% decline in rig count, reaching a 33-year low.

Canadian drilling activity has fallen measurably in 2019, and the outlook is even worse for 2020, according to a forecast from the Petroleum Services Association of Canada.

Leaders from two large US onshore rig contractors said their expectations that the rig-count slide would hit a second-quarter bottom were off and are now refraining from making new predictions as to when it will end.

As the debate continues about oil prices and supply and demand, the SPE Production and Facilities technical director examines data published by various organizations on the short- and long-term industry outlook.

The US rig count has inched up recently, and the driver has been the old reliable of onshore oil production, the Permian Basin. With surging production, the Permian is the only major US oil shale play to grow since crude prices began to fall.