Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
U.S. exploration and production activity rising
by Daniel J. Graeber
Houston (UPI) Feb 8, 2017


disclaimer: image is for illustration purposes only

A review of exploration and production activity in the United States finds standing still is the worst case scenario for major oil and gas regions.

A forecasting unit for S&P Global Platts produced an independent assessment of rig counts in the United States. Rig counts reflect exploration and production activity and serve as a metric to gauge confidence in a particular region.

For all of the United States, Platts counted 773 rigs in service as of January, up 9 percent from the previous month. Taken as a whole, the Gulf of Mexico saw a greater net increase than shale basins in the Lower 48.

That forecast is slightly higher than the 8 percent increase recorded this week by oilfield services company Baker Hughes.

Rig counts have yet to materialize as significant measured production gains. Nevertheless, most of the reported growth from the United States is showing up in the Gulf of Mexico.

Anthony Starkey, the manager of energy analysis for S&P Global Platts, said in a separate report from earlier this year that most of the recent gains in U.S. oil production have yet to factor in resilient shale.

"We have yet to really see the improvement in shale output," he said.

For shale-rich states, Texas reported the most growth in the rig count data from Platts by volume with an increase of 31 rigs from December. Most of the reported rig activity in the United States is in Texas and some of the shale basins there have been more resilient to market pressures than previously expected.

North Dakota, the No. 2 oil producer in the United States, reported no change in rig activity from December and was the only one of six major producing states to show a year-on-year decline.

Lynn Helms, the director of North Dakota's oil and gas commission, said last month that operators in the state were committed to restraint so long as oil prices stay below $60 per barrel.

West Texas Intermediate, the U.S. benchmark price for crude oil, was trading at around $51.50 early Wednesday. Oil prices are considerably higher than they were this time last year when supply-side pressures, in part from the United States, pushed markets to historic lows.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
US authorities clear pathway for Dakota pipeline
Washington (AFP) Feb 8, 2017
US authorities said Tuesday they will approve a permit to complete the controversial Dakota Access pipeline to reduce transportation costs and give US producers a boost as they compete against oil from Canada. The decision comes after months of protests by Native Americans and their supporters led the Obama administration to nix plans to build the pipeline close to native grounds. But P ... read more


OIL AND GAS
A better way to farm algae

DuPont Industrial Biosciences to develop new high-efficiency biogas enzyme method

Cathay Pacific to cut emissions with switch to biofuel

Populus dataset holds promise for biofuels, materials, metabolites

OIL AND GAS
EU to phase out China solar panel duties

NREL research pinpoints promise of polycrystalline perovskites

Material can turn sunlight, heat and movement into electricity

NRDC: States should lead low-carbon economy

OIL AND GAS
Prysmian UK to supply land cable connections for East Anglia ONE offshore wind farm

Russia's nuclear giant pushes into wind energy

The power of wind energy and how to use it

Largest US offshore wind farm gets green light

OIL AND GAS
Iran imports 149 tonnes of uranium from Russia: atomic chief

France's Areva picks up Japanese investors

Three new uranium minerals from Utah

Russia 'ready' to entirely fund Hungary nuclear plant

OIL AND GAS
The ancient Indus civilization's adaptation to climate change

EU ahead of the curve on climate fight

Land-use change possibly produces more carbon dioxide than assumed so far

Role of biosphere counteracting climate change may be underestimated

OIL AND GAS
Volvo Cars posts strong earnings on record sales

Germany, France plan cross-border self-driving test zone

Pedal power revival as bike-share apps race for glory

Luxembourg prosecutes unknown person in VW scandal

OIL AND GAS
IS made sulphur weapons in Mosul university: Pentagon

Mosul residents outraged by IS 'hole fee'

NATO starts anti-IS bomb training in Iraq

Iraq faces massive challenge in Mosul offensive: UN envoy

OIL AND GAS
US, S. Korea to 'strengthen' defenses against N. Korea

S. Korea 'suspends visas' for Chinese teachers

Iran rejects Trump missile warning as relations sour

Trump on Iran: 'Nothing is off the table'









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.