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Baker Hughes said in its rig report that the number of active U.
S.
oil and gas rigs increased for the second consecutive week to 779 in the week ended Nov.
11, the highest level
since March 2020.
The company said higher oil prices encouraged oil companies to increase the number of
rigs.
Among active rigs, the number of oil rigs in the United States increased by 9 to 622, the highest since March 2020; The number of active natural gas rigs held steady at 155.
However, as oil prices continue to rise, several U.
S.
energy companies said they plan to increase spending
for the second consecutive year in 2022 after cutting spending on drilling and completions in 2019 and 2020.
U.
S.
financial services firm Cowen & Co said the independent oil and gas companies it tracks will increase spending by about 40 percent in 2022 after increasing spending by about 4 percent
in 2021.
According to federal energy data, U.
S.
crude oil production is expected to increase from 11.
3 million b/d in 2021 to 11.
8 million b/d in 2022 and to 12.
3 million b/d in 2023, reaching 2019 figures
.
However, some analysts point out that even if energy companies do increase capital spending, it is not necessarily to increase production, but to buy more expensive pipes and other equipment, as well as rising labor costs due to soaring inflation and supply disruptions
.
