Unconventional rig count is up 16 units this year, or 2.5%, though activity still remains flat when compared to the 4Q19 average. Last week’s tally fell three rigs to 649 on the basis of modest declines in the Eagle Ford and Permian. Some rebalancing is underway this year with modest recoveries in the Midcontinent after last year’s precipitous two thirds decline in activity. With oil prices now below $50 it appears the 1Q20 average may come in flat with compared to activity levels in the final quarter of 2019.
Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
Experimental nuclear detonations 50 years ago served as early day precursors to the horizontal drilling and multistage fracture stimulation methodology that has boosted U.S. natural gas supply to levels well beyond domestic consumption.