U.S. energy firms this week added oil and natural gas rigs for a second week in a row even as the rig count was on track to fall for a second consecutive month as supply chain disruptions and inflation continue to roil production.
The oil and gas rig count, an early indicator of future output, rose one to 764 in the week to Sept. 23, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 243, or 47%, over this time last year.
U.S. oil rigs rose three to 602 this week, while gas rigs fell two to 160.
The total rig count fell in August and was on track to fall again in September after rising for a record 24 months in a row.
Participants attending a Barclays conference this month anticipate oilfield inflation to remain a problem, with 68% surveyed in a poll suggesting costs will jump by 10% to 20% in 2023.
Slightly over half of survey respondents said they expect U.S. oil output to grow by 500,000 bbl/d to 700,000 bbl/d between the fourth quarter of this year and next.
That compares with government’s forecast for a rise of about 800,000 bbl/d to 12.6 million bbl/d in 2023 from 11.8 million bbl/d this year.
2022-09-23 - The acquisition of Midcoast’s East Texas business and Align Midstream was announced by Momentum Midstream alongside a new natural gas gathering and carbon capture project in the Haynesville Shale.
2022-09-23 - U.S. Senator Joe Manchin said it will take “an awful lot of heavy lifting” over the next two or three days to overcome opposition by “strange bedfellows” ranging from progressive Senator Bernie Sanders to Senate Minority Leader Mitch McConnell.
2022-09-23 - The Biden administration wants SAF to achieve a minimum of a 50% reduction in greenhouse-gas emissions compared to conventional fuel and seeks to expand supply, use, reduce its cost and enhance its sustainability.
2022-09-23 - California has been at the forefront of efforts to phase out the use of natural gas in buildings. Since 2019, more than two dozen cities have passed measures to reduce the use of gas in buildings.
2022-09-23 - Continental Resources Inc. retained EnergyNet for the sale of a 200-well package of conventional and unconventional assets in Oklahoma’s STACK play within the prolific Anadarko Basin.