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Houston-based oilfield services provider Baker Hughes said U.S. oil and gas producers brought eight rigs online overall in the past week. bringing the company`s total count up to 916 units.
Eleven oil rigs were added over the course of the week. while three natural gas rigs came offline and miscellaneous rigs remained level. Baker Hughes said. Meanwhile. the company`s U.S. offshore count is flat for the second consecutive week. The offshore count. at 23 overall. is up two rigs year over year.
Overall. the U.S. land rig count is now up 508 rigs from a year ago when it stood at 408. Baker Hughes data indicates. Oil rigs are up 408 in the past year. while natural gas rigs have risen by 100 and miscellaneous rigs are flat.
The news marks the 20th consecutive weekly build in the rig count and comes one day after President Donald Trump announced plans to pull the United States out of the Paris climate agreement. a move that is expected to encourage further domestic fossil fuel production.
Analysts recently have warned. however. that if U.S. shale`s resurgence remains unchecked. it could threaten to throw worldwide supply-demand balance out of sync as early as 2018.
Indeed. U.S. producers have not let off the gas so far in 2017 with oil prices hovering in a range around $50 per barrel.
The Permian Basin of west Texas and New Mexico has seen the predominant boost in U.S. activity. The rig count there. boosted by two this week and now sitting at 364. has nearly tripled in the past year. according to Baker Hughes data.
Global crude prices fell sharply Friday amid a stronger U.S. dollar and investor concern that President Donald Trump`s decision to leave the Paris Accord could spark increased drilling and production.
Two oil rigs were added over the course of the week. while five more natural gas rigs came online. the Houston-based oilfield services provider said.
Sixteen rigs came online overall. with eight oil rigs added in U.S. resource basins and eight natural gas rigs added.
