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The Permian has more rigs than all other basins combined

Article produced by Trevor Hawes with the Midland Reporter-Telegram

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Written by Trevor Hawes

Click HERE to Read the Article by the the Midland Reporter-Telegram.


When it comes to exploration activity, no other basin in the nation matches the Permian, which posted 202 rigs this week, all oil, according to data from Baker Hughes.

Baker Hughes lists 14 basins, including the Permian, in its weekly rig count report. The sum of all other basins is 186, 16 less than the entirety of the Permian.

Midland County idled two rigs but still leads the country with 34 rigs. Reeves isn’t far behind at 26, up three. Other double-digit counties in the Permian are Lea, N.M. (20), Loving (15), Martin (15), Howard (10) and Upton (10).

District 8 added two rigs for a new total of 133. In other areas operating in the Permian, District 7B recorded six rigs after one was added, District 7C held steady at 21, District 8A dropped a rig to 15 and New Mexico was unchanged at 28.

Mitchell County saw renewed activity after adding one rig. Mitchell hadn’t had any rigs for the past two weeks. There weren’t any counties that ceased all activity in the Permian.

The Permian had 253 rigs at this time last year. It opened the first full week of 2016 at 209, the year-high rig count.

TEXAS & NEW MEXICO

Activity in the Barnett has slowed significantly in the downturn, and this week’s rig count shows it. The North Texas basin recorded one rig this week. Baker Hughes basin data goes back to the week ending Feb. 4, 2011, when the Barnett had 82 rigs. It first hit single-digits Feb. 27, 2015, at nine rigs and has only reached double-digits once since then: 10 on Aug. 14, 2015. The Barnett hit its year-high of nine just 11 weeks ago.

This week, the Eagle Ford and Granite Wash were unchanged at 38 and nine, respectively. The Haynesville fell one to 13.

Texas had 244 rigs statewide, down one. It had one rig offshore.

New Mexico was unchanged at 28, and all of its rigs were operating in the Permian.

At this time last year, there were 365 rigs in Texas.

UNITED STATES

Exploration activity nationwide is still largely driven by the search for oil. The number of oil rigs rose two to 416, while the natural gas rig count fell three to 89. Rigs listed as miscellaneous fell one, leaving a lone rig in this category.

In total, the U.S. had 506 rigs, down two. There were 482 on land, down three; four in inland waters, down one; and 20 offshore, down two. All offshore rigs were in the Gulf of Mexico.

By drilling trajectory, there were 394 horizontal rigs, down two; 64 vertical rigs, unchanged; and 48 directional rigs, unchanged.

The U.S. had 842 rigs a year ago this week.

MOST-ACTIVE

The top basins this week were the Permian, the Eagle Ford, the Cana Woodford (32), the Marcellus (29) and the Williston (27).

States with the most activity were Texas, Oklahoma (65), Louisiana (41), New Mexico and North Dakota (27).

CANADA & NORTH AMERICA

Canada idled two rigs, leaving 132 nationwide. There were 75 oil rigs, up one; 56 natural gas rigs, down three; and one miscellaneous rig, unchanged. Canada had 182 rigs a year ago this week.

The North America region fell four this week to 638. At this time last year, there were 1,024 rigs in North America.


Tags: oil, natural gas, rigs, rig


Written by Trevor Hawes

Click HERE to Read the Article by the the Midland Reporter-Telegram.west_home

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