U.S. oil and gas rig count dropped in 2023 after rising in the previous two years, energy services firm Baker Hughes said in its closely followed report on Dec. 29.
For this week U.S. energy firms added oil and natural gas rigs for the first time in three weeks.
Despite this week's rig increase, Baker Hughes said the total count was still down 157 rigs, or 20.15%, below this time last year.
Analysts have said the rig count was down from a post-pandemic high of 784 rigs in December 2022 due mostly to a drop in oil and gas prices.
U.S. oil futures were down about 10% so far this year after gaining 7% in 2022. U.S. gas futures, meanwhile, have plunged more than 40% so far this year after rising about 20% last year.
Baker Hughes said U.S. oil rigs rose two to 500 this week, their highest since Dec. 15, while gas rigs were unchanged at 120.
For the month, the oil and gas rigs were unchanged after falling three rigs in November. The overall rig count was down for a fourth quarter in a row for the first time since 2020.
Recommended Reading
Eni Reports Discovery Offshore Mexico in Block 9
2024-07-10 - Italian energy giant Eni SpA announced a discovery at the Yopaat-1 EXP exploration well in the offshore Mexico Block 9 of the Cuenca Salina in the Sureste Basin, which potential up to 400 MMboe in place.
E&P Highlights: July 10, 2024
2024-07-10 - Here’s a roundup of the latest E&P headlines including TotalEnergies exiting South Africa to focus on opportunities in Namibia.
CNOOC’s Bohai Bay Well Achieves High Yield
2024-07-11 - CNOOC’s Bozhong 19-6 Condensate Gas Field D1 well, the first ultra-deep well in China’s Bohai Bay, is currently producing approximately 6,300 boe/d.
Goodbye Manual Control: Vital Energy’s Automation Program Boosts Production
2024-07-12 - Production, ESP efficiency soared when the company automated decisions with AI at the edge.
Southeast Asia NatGas Projects Could Unlock $100B Boom- Rystad
2024-07-17 - Southeast Asia's offshore gas industry is set for a $100 billion boom by 2028, driven by a flurry of final investment decisions by oil and gas majors and national oil companies, according to Rystad Energy.