Number of rigs in US rises for sixth week in a row

Number of rigs in US rises for sixth week in a row

The number of active rigs in the US rose to 543. This follows data published by Baker Hughes on 15 October.

In the week from 8 October to 15 October the number of active rigs in the US rose by 10 to 543.

The number of active oil rigs rose by 12 to 445 during the week. The number of gas rigs declined by one to 98.

In the Permian Basin, the number of working rigs increased by one to 267.

Recall that the sharp decline in the number of rigs started after the fall in oil price and demand. Before it started on March 13, 2020, there were 792 rigs working in the US, of which 683 were oil rigs.

On 14 August 2020, the number of active rigs fell to a local low of 244, followed by an unstable rise with adjustments.

Note that the Permian basin is key in terms of shale oil production.

Wikipedia has written about the Permian basin:
A large sedimentary oil and gas bearing basin in the southwestern United States. Located in western Texas and southeastern New Mexico. It extends from Lubbock, on to near Midland and Odessa. Further south to the Rio Grande River and west into southeastern New Mexico. Contains one of the world’s thickest rock deposits of the Permian geological period. Consists of several components, of which the Midland Basin is the largest, followed in size by the Delaware Basin and the Marfa Basin. The Permian Basin covers over 86,000 square miles (220,000 km2) and extends about 250 miles (400 km) wide and 300 miles (480 km) long.

The basin is part of the Mid-continental Oil Province. Total production in the region up to early 1993 was more than 14.9 billion barrels (2,400,000 m3). The basin’s oil and gas companies are headquartered in Midland, Odessa and San Angelo, Texas.