Oklahoma Now At 125 Rigs
U.S. crude production will likely rise in the months ahead as E&P’s added rigs for a 13th week, capping the longest stretch of gains since 2011.
The number of U.S. oil rigs in operation climbed by 11 this week to 683, according to Baker Hughes (BHI), after the International Energy Agency said that oil markets are “very close to balance.”
This week’s Baker Hughes rig count data was published Thursday because of the Good Friday holiday.
Global supply fell by 755,000 barrels per day last month but the non-OPEC output is expected to climb by 485,00 barrels per day this year vs. a decline of 790,000 barrels last year with U.S. production up by 680,000 barrels by the end of the year, IEA said.
Oil rigs landed on 683 up 11 from 672 last week. In the past year, oil rigs have risen by 329.
Natural Gas Rigs
162 rigs were drilling for natural gas this week, down 3 from last week.
By drilling trajectory, there were 706 horizontal rigs, up 11; 77 vertical rigs, up four; and 64 directional rigs, down seven.
OKLAHOMA SUMMARY – 125 Rigs – Plus 3
The state count climbed to 125 rigs running. The count is up from the low of 54 in February 2016. Oklahoma’s Cana Woodford play — which includes the STACK and SCOOP fields — gained 2 rigs to 52. The Ardmore Woodford has 2 rigs while the Arkoma Woodford remains at 10 rigs running.
The state has 2 directional rigs, 121 HZ rigs and 2 vertical rigs drilling.
By county, 3 counties currently have double-digit HZ rigs running, Blaine (24), Grady (11) and Kingfisher (19).
Kingfisher, McClain, and Payne Counties all went down by 1 rig each.
Counties on the upswing this week were Canadian, Dewey, Ellis, Garfield, Garvin, and Stephens, which moved up 1 HZ rig each.
Check out our proprietary and interactive Rig Count Dashboard.
Compiled and Published by GIB KNIGHT
Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma.