US rig count falls to 480
Monday, March 14, 2016
As of March 11, the U.S. oil and natural gas drilling rig count fell to 480, with 386 oil rigs and 94 natural gas rigs in operation. This is the lowest number of rigs since 1940, according to Baker Hughes Inc. data.
Reuters reports that oil output this year is expected to be 8.7 million barrels per day. Some producers are using methods like choking and lifting to produce more from wells, but the source says that these methods may just reduce wells’ decline rates instead of adding production.
While rigs are being cut, crude oil futures ended at $38.50 a barrel on March 11.
Read more: Reuters > U.S. oil and natural gas drilling rig count at record low
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
What are mineral rights?
Mineral rights are the rights of the owner of the property to mine or produce any resources below the surface of the property. Mineral rights are different from surface rights.
Will I get free natural gas if I allow fracking on my property?
Maybe. It depends on your particular lease agreement. Some companies allow property owners a yearly free gas allowance. But, the process of connecting your property to the gas source may be more complicated. Some companies will provide a hookup, others require the landowner to provide one.