Oil And Gas Rig News

U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. 14, its highest since April 2020, said Baker Hughes in its weekly report. The total count was up 228, or 61%, over this time last year.U.S. oil rigs rose 11 to 492 this week, their highest since April 2020, while gas rigs rose two to 109, their highest since March 2020.

Oil prices jumped 2% on Friday after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal.Brent crude futures rose $1.33, or 2%, to $66.36 a barrel by 1:06 p.m. ET (1606 GMT), while U.S. West Texas Intermediate was at $63.54 a barrel, up $1.61, or 2.6%.A weather system forming over the western Gulf of Mexico has a 40% chance of becoming a cyclone in the next 48 hours, the U.S.

U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year.Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the lowest since May 2017, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.In the same week a year ago, there were 861 active rigs.The oil rig count, an early indicator of future output…

Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations.Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows.Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin was…

Singapore Technologies Engineering Ltd (ST Engineering) said it has acquired the rig repair assets of World Marine of Mississippi LLC (WMM) adjacent to its existing yard, VT Halter Marine, Inc. in Pascagoula, Miss. in the U.S., through its subsidiary Vision Technologies Marine, Inc. (VT Marine). ST Engineering paid $25 million for these assets, comprising a purpose-built facility of 94 acres for heavy marine fabrication and offshore oil and gas rig upgrades, repairs and conversions in the Gulf of Mexico region are within close proximity to VT Halter Marine’s Pascagoula yard. Since the downturn of the offshore and marine industry, ST…

U.S. oil drillers cut rigs this week for the first time since January and the pace of additions slowed this quarter due to declines in crude prices despite an OPEC-led effort to cut production and end a multi-year supply glut. Analysts, however, noted the weekly decline in the rig count was likely just a brief pause in a drilling recovery expected to continue through at least 2019. Drillers cut two oil rigs in the week to June 30, bringing the total rig count down to 756, still more than double the 341 rigs in the same week a year ago…

Oil prices slipped on Friday, extending losses after data suggested drilling is ramping up in the United States, easing the focus on efforts by OPEC and other producers to support prices by cutting supplies. U.S. crude futures for March delivery fell 98 cents, or 1.8 percent, to $52.80 a barrel at 1:14pm EST (1814 GMT). The session high was $54.08 and the low was $52.58 a barrel. Brent was down $1.15, or 2 percent, at $55.09 a barrel. The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs in the week, the 12th gain in 13 weeks. That brought the total count to 566, the most since November 2015. "We're in a holding pattern at this point in time," said Mark Watkins, regional investment manager at U.S. Bank Private Client Group.

U.S. energy companies this week added oil rigs for a seventh week in a row, extending a seven-month drilling recovery as crude prices held near a 17-month high. Drillers added 12 oil rigs in the week to Dec. 16, bringing the total count to 510, the highest since January, but still below 541 rigs a year ago, energy services firm Baker Hughes Inc said on Friday. Since crude prices briefly recovered from 13-year lows to around $50 a barrel in May, drillers have added oil rigs in 26 of the past 29 weeks for a total of 194, the biggest recovery in rigs since a global oil glut crushed the market over two years. Almost two-thirds of the rigs added since May…

U.S. energy companies this week added the most oil rigs since July 2015, extending the seven-month drilling recovery as crude prices rose to a near 17-month high. Drillers added 21 oil rigs in the week to Dec. 9, bringing the total count up to 498, the most since January, but still below the 524 rigs seen a year ago, energy services firm Baker Hughes Inc said on Friday. Since crude prices briefly recovered from 13-year lows to around $50 a barrel in May, drillers have added a total of 182 oil rigs in 25 of the past 28 weeks…

U.S. drillers this week added oil rigs for a seventh consecutive week, according to a closely followed report on Friday, even as analysts revise down rig count growth forecasts and energy firms become more cautious the longer crude holds below $50 a barrel. Drillers added 15 oil rigs in the week to Aug. 12, bringing the total rig count up to 396, compared with 672 a year ago, energy services firm Baker Hughes Inc said. That is the longest streak of rig additions since April 2014 when U.S. oil futures averaged over $100 a barrel. Since July 1, drillers have added 66 oil rigs. "We expect the rig count could stall or even decline due to seasonal drilling activity declines and recent commodity pull back," analysts at U.S.

U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future. Drillers added seven oil rigs in the week to Aug. 5, bringing the total rig count up to 381, compared with 670 a year ago, energy services firm Baker Hughes Inc said. They have added a total of 51 rigs since the week to July 1, the longest streak of weekly additions since July-August 2015, when 37 rigs were added over six weeks. Energy firms continued to add most rigs in the Permian shale in west Texas and eastern New Mexico.

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts on a substantial recovery in drilling this year with crude prices heading for their biggest monthly loss in a year. Drillers added three oil rigs in the week to July 29, bringing the total rig count up to 374, compared with 664 a year ago, according to the closely followed Baker Hughes weekly report. U.S. crude futures have slipped below $41 a barrel for the first time since April, pressured by persistently high inventories. The market was on track for a monthly loss of about 15 percent, and is down about 20 percent from highs over $50 in early June when drillers started returning to the well pad.

U.S. drillers this week added oil rigs for a fifth week in six, according to a closely followed report Friday, prompting analysts to predict the rig count has bottomed and production will start to edge up early next year. Drillers added 10 oil rigs in the week to July 8, bringing the total rig count up to 351, compared with 645 a year ago, energy services firm Baker Hughes Inc said. Before this week, drillers added oil rigs in only five out of 26 weeks this year, cutting on average eight rigs per week for a total of 195. Last year, they cut 18 rigs per week on average for a total of 963, the biggest decline since at least 1988. After slumping from 1,609 rigs in October 2014 amid the biggest oil price rout in a generation, the rig count started to inch up in June as U.S.

U.S. drillers this week added oil rigs for a fourth week in five, according to a closely followed report Friday, in the best month of producers returning to the well pad since August that signaled a near-two year rout in drilling may have ended. Drillers added 11 oil rigs in the week to July 1, the biggest weekly increase since December, bringing the total rig count up to 341, compared with 640 a year ago, energy services firm Baker Hughes Inc said. In the Permian basin in West Texas, the number of rigs rose by four for a third week in a row to a four-month high of 154. In the first half of the year, drillers cut on average eight rigs per week for a total of 195, compared with last year's cuts of 18 rigs per week on average for a total of 963, the biggest decline since at least 1988.

The U.S. oil rig count this week dropped to the lowest level in over five years as energy firms stepped up the rate of idling rigs after one of the worst years in almost 30 years for drilling, data showed on Friday. Drillers removed 20 oil rigs in the week ended Jan. 8, bringing the total rig count down to 516, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report. That was the seventh decrease in the past eight weeks and brings the total rig count down to about a third of the 1,421 oil rigs operating in same week a year ago. In 2015, drillers idled a total of 963 oil rigs, the first annual cut since 2002 and the biggest annual decline since at least 1988, according to Baker Hughes.

U.S. energy firms this week cut oil rigs for an eighth week in a row to the lowest levels since January 2010, data showed on Friday, as energy firms continue to cut spending due to the collapse in crude prices. Some analysts forecast the rig count will decline for a few more months before recovering later this year when they expect crude price to rise. Drillers removed 28 oil rigs in the week ended Feb. 12, bringing the total rig count down to 439, oil services company Baker Hughes Inc said in its closely followed report. That compares with 1,056 oil rigs operating in same week a year ago. Front-month U.S. West Texas Intermediate (WTI)…

U.S. energy firms this week cut oil rigs for an 10th week in a row to the lowest levels since December 2009, data showed on Friday, as some producers focus more on completing their drilled but uncompleted wells instead of drilling new ones. Looking forward, analysts forecast the rig count will bottom in a few months before recovering later this year when they expect crude prices to rise. Drillers removed 13 oil rigs in the week ended Feb. 26, bringing the total rig count down to 400, oil services company Baker Hughes Inc said in its closely followed report. That compares with 986 oil rigs operating in same week a year ago. In 2015, drillers cut on average 18 rigs per week for a total of 963 oil rigs for the year, the biggest annual decline since at least 1988.

U.S. energy firms this week cut oil rigs for a 12th week in a row to the lowest level since December 2009 as drillers continue to slash capital expenditures despite crude prices having apparently bottomed, data showed on Friday. Looking forward, many analysts think the rig count will rebound later this year when prices rise. Drillers removed six oil rigs in the week ended March 11, bringing the total rig count down to 386, oil services company Baker Hughes Inc said. That compares with 866 oil rigs operating in the same week a year ago. Drillers started to steadily reduce their rig count after crude prices began to collapse mid-2014. U.S. crude futures were trading just under $39 a barrel, up 8 percent on the week and set for its fourth weekly gain on forecasts of tighter supplies as U.S.

The Washington Times has reported that the boom in Singapore's offshore oil and gas rig industry is expected to last another decade. Keppel FELS, says energy companies are expected to increase spending on oil exploration and production, especially in deeper waters, Channel News Asia reported Monday. Keppel FELS says some of these companies are signing drilling contracts for up to five years starting in 2009, a sign that the current boom cycle for the offshore rig industry is not slowing down anytime soon. Meanwhile, Britain's Douglas-Westwood research firm says deepwater oil production now makes up only one-tenth of total offshore oil production output. But that is expected to grow sharply. Source: Washington Times