8,039 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

U.S. Drillers Add the Most Oil Rigs in a Week Since June: Baker Hughes

Published in Oil Industry News on Monday, 13 November 2017

Graphic for News Item: U.S. Drillers Add the Most Oil Rigs in a Week Since June: Baker Hughes

U.S. energy companies added the most oil drilling rigs in week since June as crude prices traded up to their highest levels since the summer of 2015.

Drillers added nine oil rigs in the week to Nov. 10, bringing the total count up to 738, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.

The rig count, an early indicator of future output, is still much higher than a year ago when only 452 rigs were active after energy companies boosted spending plans for 2017 in the second half of last year as crude started recovering from a two-year price crash.

The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming their 2017 spending plans when prices turned softer over the summer.

The U.S. Energy Information Administration this week slightly lowered its oil production growth forecast for 2017 to a rise of 370,000 barrels per day from last month’s expectations of a 380,000 bpd increase. [EIA/M]

U.S. production, however, was expected to rise to 9.2 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, the EIA said. Output peaked at 9.6 million bpd in 1970.

The largest U.S. independent oil and natural gas producer ConocoPhillips said this week it plans to spend an average of $5.5 billion annually for the next three years as long as oil prices stay above $50 per barrel.

U.S. crude futures traded close to $58 a barrel this week, their highest since July 2015. So far in 2017, crude futures have averaged almost $50 a barrel, easily topping last year’s $43.47 average.

Looking ahead, futures were trading near $57 for the balance of the year and calendar 2018.

Conoco’s spending forecast, an increase from 2017 and higher than many Wall Street analysts expected, comes as it, like some peers, focuses more on generating profits rather than boosting production at any cost.

Overall, exploration and production (E&P) companies expect to increase spending on U.S. drilling and completions in 2017 by about 53 percent over what they spent in 2016, according to U.S. financial services firm Cowen & Co.

That expected 2017 spending increase followed an estimated 48 percent year-over-year decline in 2016 and a 34 percent decline in 2015, Cowen said.

Cowen said nine of the 64 E&Ps they track have already provided capital expenditure guidance for 2018 indicating a 16 percent increase in planned spending over 2017.

Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week revised downward their forecast for the total oil and natural gas rig count to an average of 872 in 2017, 910 in 2018 and 1,059 in 2019. Two weeks ago, it forecast 874 in 2017, 923 in 2018 and 1,072 in 2019.

That compares with an average of 868 oil and gas rigs so far in 2017, 509 in 2016 and 978 in 2015. Most rigs produce both oil and gas.

With 907 total oil and gas rigs in operation now, that means Simmons analysts expect the number of rigs to decline through the balance of this year before rising next year.

Source: www.reuters.com

Please leave comments and feedback below


Oil and Gas Majors, Shell Oil and Gas, Statoil Oil and Gas, Total OIl and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News

Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com