Jan 19, 2016
Eagle Ford rig count drops to 68
SAN ANTONIO – West Texas Intermediate crude oil dropped below $30 per barrel Friday, and latest Baker Hughes Rig Count figures show that new drilling fell to 68 rigs in the Eagle Ford.This...
SAN ANTONIO – West Texas Intermediate crude oil dropped below $30 per barrel Friday, and latest Baker Hughes Rig Count figures show that new drilling fell to 68 rigs in the Eagle Ford.
This time last year there were 185 active rigs in the region just south of San Antonio.
Baker Hughes reported losses also for other important shale basins in Texas and the United States.
In the Permian Basin, new drilling fell to 202 rigs from 209 the previous week. Across Texas, new drilling went from 308 to 301 rigs in a week. There are currently only 650 active rigs in the United States.
Baker Hughes releases rig count data weekly. The data are considered a barometer of oil drilling activity worldwide.
According to the San Antonio Business Journal, the supply glut and low oil prices are expected to remain in place for at least the first six months of 2016.
The U.S. Energy Information Administration reports that the Eagle Ford is expected to produce 72,000 fewer barrels of oil per day, but national crude oil inventories remain at 80-year highs.
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