US oil and gas rig count jumps 10 to 555
Monday, May 17, 2021
The U.S. oil and gas rig count jumped 10 during the week ended May 12, totaling 555, according to rig data provider Enverus. Furthermore, upstream operators ended the first quarter on an optimistic note with higher oil prices and an improved outlook for the remainder of 2021.
The Permian Basin and Eagle Ford ended the week with the biggest gains, up five rigs apiece.
Overall, oil rigs rose 12 to 429 and gas rigs dropped 2 to 126.
Learn more: S&P Global Platts > US oil, gas rigs jump 10 to 555 on week, as optimistic Q1 season wraps
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.