Newspaper article THE JOURNAL RECORD

State, U.S. Rig Counts Increase Again

Newspaper article THE JOURNAL RECORD

State, U.S. Rig Counts Increase Again

Article excerpt

count was up for the third consecutive week for the week ending Friday and the U.S. rig count was up for the seventh straight week.

However, drilling activity for the year in the U.S., which is currently down nearly 11 percent from last year, could fall to a modern low record if activity does not increase during the second half of the year, experts say.

"If drilling activity does not accelerate rapidly in the second half of the year, total well completions will set a modern low record," Petroleum Information said. "That record was set in 1971 when fewer than 27,000 wells were drilling for oil and gas in the U.S. and its waters."

Oklahoma's active rig count gained by 3.9 percent last week to 107 active drilling rigs, up from 103 for the week ending June 30, as reported by the International Association of Drilling Contractors in Houston.

It was the third consecutive weekly increase after the state rig count fell to a 17-year low in mid-June.

Last week's rig count for Oklahoma was 17 percent below 129 rigs during the same period in 1988, and the highest since May 19 when 118 rigs were active.

Of 17 major oil and gas producing states, including Oklahoma, 11 marked increases in drilling activity last week while three showed declines and three were unchanged from the previous week.

U.S. rig count last week edged up 0.9 percent to 825 from 817 the previous week, marking the seventh consecutive weekly gain. Last week's national rig count was 10.9 percent below 926 rigs active during the same period in 1988.

Through June, the U.S. rig count averaged 18 percent fewer than rigs running in the first half of 1988, according to Petroleum Information statistics. Wells drilled in the U.S. through June totaled 8,033, a 27.1 decline from 11,007 well completions in mid-year 1988, the Dun & Bradstreet Corp. said.

Oil well completions for the first half of 1989, which totaled 3,008, were down 41.9 percent from 5,171 in June 1988, Petroleum Information reported. However, gas well completions through June, which totaled 2,136, showed a gain of 6.3 percent from 2,008 during the same period in 1988.

Texas lead the nation in well completions with 3,057 wells completed by June 30. Kansas was in second place with 802 well completions.

Oklahoma was third in the first six months of 1989 with 754, down 32 percent from 1,108 completed during the first half of 1988.

Only two states, Michigan and Kentucky, registered increases in well completions for the first six months of 1989. …

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