The number of drilling rigs actively exploring for or developing oil or natural gas rose slightly in August, according to the latest figures from oilfield services provider Baker Hughes. Offshore development increased slightly with the global offshore rig count increasing by two month-on-month to 228 in August. The number of natural gas rigs fell by three to 89. That decline continued through the first half of this year when drillers cut 206 rigs.
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USA crude fell 2.1% to $43.00 per barrel. The oil rig count has generally been rising since the beginning of the summer, as many oil producers believe drilling in some US regions can be profitable even with oil prices in their recent range of $40 to $50 a barrel. That, however, is not much higher than the average 479 oil and gas rigs that Baker Hughes said were active since the start of the year.
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The Arkoma Woodford, Cana Woodford, DJ-Niobrara, and Permian Basins each gained one or two rigs. Of the total, 416 of them are primarily drilling for oil. In 2015, the total rig count averaged 978.
