The number of oil and natural gas rigs operating in North America remains at a record low even as higher oil prices prompt some producers to start drilling again.
Here’s a quicklist of oil and gas assets on the market including multiple packages from Atinum Energy Investments, the largest of which comprises a core Appalachia nonop position being developed by Tug Hill.
Devon Energy also plans to run two hydraulic fracturing crews in the second half of the year, and expects to exit 2020 with a backlog of 100 drilled-but-uncompleted wells.
Rig count is down again but decline rate seems to be slowing.
Extraction Oil & Gas is the second largest U.S. shale producer to file for bankruptcy since the oil market collapse driven by the COVID-19 pandemic.
BLM had previously delayed oil and gas lease sales in Utah, Mississippi, Nevada and Colorado expected this month, as well as a major sale in New Mexico in late May.
Alaska North Slope drilling permits granted to ConocoPhillips, a Gulf of Mexico discovery by Walter Oil & Gas and two Marcellus Shale producers completed in Pennsylvania’s Armstrong County top this week’s drilling activity highlights from around the world.
The group's decision comes as the U.S. oil industry is scaling back drilling due to record inventories, falling demand and low oil prices amid the pandemic.
Going forward, big data will be key in making good business decisions, and in the next few months there will be many buying opportunities as distressed oil and gas companies are forced to sell their assets.
The number of active rigs in the U.S. has fallen by more than 500 since the start of 2020, but recent operator commentary suggests that the bottom will likely be found before the end of the second quarter.