On Friday, energy services company Baker Hughes said that last week, US rig counts rose to the highest level since May and for the sixth consecutive weeks, the first time such thing happen since June 2018.
In the week ended October 23, the country’s oil and gas rig count climbed by 5 to 287 units. US oil rigs went up by 6 to 211, the lowest since May, but gas rigs dropped by 1 to 73.
North Dakota’s oil output edged up by 12% in August on the back of returning wells and drilling rigs.
Going forward, analysts of Tudor, Pickering, Holt & Co. predicted that in the coming months, there would likely be further horizontal activity momentum. In the first quarter of next year, roughly 40-50 more horizontal rigs are possibly going online.
