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Foreign News reported on September 10 that the number of oil and gas rigs for US energy companies increased this week for the fifth time in six weeks.
After Hurricane Ida destroyed the coast of Mexico, offshore facilities began to resume production
.
US oil service company Baker Hughes said in a closely watched report on Friday that as of the week of September 10, the number of US oil and gas rigs, the leading indicator of future production, increased by 6 to 503
.
The total number of rigs is still 249 more than the same period last year, or 98%
.
This week, the number of oil rigs in the United States increased by 7 to 401; the number of natural gas rigs decreased by 1 to 101
.
In general, by August, oil and natural gas drilling technology has increased for the 13th consecutive month, as rising oil prices have prompted a return to oil well drilling due to rising oil prices
.
Baker Hughes said that four offshore drilling rigs in Louisiana resumed production this week
.
Last week, all 14 offshore oil rigs in the Gulf of Mexico were shut down due to Hurricane Ida
.
These rigs are located in Louisiana
.
U.
S.
crude oil futures traded at around $70 a barrel on Friday.
After Hurricane Ida hit offshore oil production, the U.
S.
market showed signs of increasing supply tensions
.
So far this year, oil prices have risen by about 43%, and some energy companies have stated that they plan to increase spending in 2021.
They have cut drilling and spending in the past two years
.
However, the increase in expenditure is still small, as most oil companies continue to focus on improving cash flow, reducing debt, and increasing shareholder returns, rather than increasing production
.
In fact, many analysts simply don’t think that additional spending will increase production
.
On the contrary, they think it will only replace the natural decline in oil well production
.
According to government estimates, U.
S.
oil production this year is expected to fall from 11.
3 million barrels per day in 2020 to 11.
1 million barrels per day, and then rebound to 11.
70 million barrels per day in 2022
.
Production in 2019 hit a record high of 12.
3 million barrels per day
.
US financial services company Cowen & Co said that the independent exploration and production (E&P) company it tracks plans to increase spending in 2021 by about 1% compared to last year
.
Capital expenditures in 2020 and 2019 will be reduced by 48% and 12% respectively
.
After Hurricane Ida destroyed the coast of Mexico, offshore facilities began to resume production
.
US oil service company Baker Hughes said in a closely watched report on Friday that as of the week of September 10, the number of US oil and gas rigs, the leading indicator of future production, increased by 6 to 503
.
The total number of rigs is still 249 more than the same period last year, or 98%
.
This week, the number of oil rigs in the United States increased by 7 to 401; the number of natural gas rigs decreased by 1 to 101
.
In general, by August, oil and natural gas drilling technology has increased for the 13th consecutive month, as rising oil prices have prompted a return to oil well drilling due to rising oil prices
.
Baker Hughes said that four offshore drilling rigs in Louisiana resumed production this week
.
Last week, all 14 offshore oil rigs in the Gulf of Mexico were shut down due to Hurricane Ida
.
These rigs are located in Louisiana
.
U.
S.
crude oil futures traded at around $70 a barrel on Friday.
After Hurricane Ida hit offshore oil production, the U.
S.
market showed signs of increasing supply tensions
.
So far this year, oil prices have risen by about 43%, and some energy companies have stated that they plan to increase spending in 2021.
They have cut drilling and spending in the past two years
.
However, the increase in expenditure is still small, as most oil companies continue to focus on improving cash flow, reducing debt, and increasing shareholder returns, rather than increasing production
.
In fact, many analysts simply don’t think that additional spending will increase production
.
On the contrary, they think it will only replace the natural decline in oil well production
.
According to government estimates, U.
S.
oil production this year is expected to fall from 11.
3 million barrels per day in 2020 to 11.
1 million barrels per day, and then rebound to 11.
70 million barrels per day in 2022
.
Production in 2019 hit a record high of 12.
3 million barrels per day
.
US financial services company Cowen & Co said that the independent exploration and production (E&P) company it tracks plans to increase spending in 2021 by about 1% compared to last year
.
Capital expenditures in 2020 and 2019 will be reduced by 48% and 12% respectively
.
