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  1. BHI: US rig count surges by 27 to 624

    The US rig count has recorded an increase of 20 or more units twice in the last 4 weeks, accelerating a drilling rebound that spans more than 6 months. Baker Hughes Inc. ’s tally of active rigs in the US climbed 27 units to 624 during the week ended Dec. 9, surpassing the 20-unit jump in late November as the biggest weekly increase since April 2014, well before a plunge in drilling that saw the count drop from 1,920 rigs working on Dec. 5, 2014 to 404 on May 27 of this year ( OGJ Online, Dec. 2, 2016 ). Since the rebound began following May 27, the count has added 220 units. This week, as with many others since late last spring, was bolstered by units deployed in Texas and specifically the Permian basin, and those targeting oil and drilling horizontally. US oil-directed rigs during the week gained 21 units to 498, an increase of 182 since May 27. Gas-directed rigs gained 6 units to 125, up 44 since Aug. 26 as part of their own rebound. One rig considered unclassified remains operating. All 27 units to start work this week were onshore, with 18 drilling horizontally, which now total 503, an increase of 189 since May 27. Directional drilling rigs rose 5 units to 51. Offshore rigs and those drilling in inland waters were static this week at 22 and 1, respectively. Texas, Permian gold rush With a 17-unit jump to 303, Texas posted its largest weekly increase since March 2014. The state’s count has risen 130 units since May 27. Neighboring New Mexico, which is partially encompassed by the Permian, added a unit to reach 30. The Permian gained 11 units for the second time in 4 weeks, bringing its tally to 246, up 112 since May 13 with the Delaware and Midland basins serving as the primary forces of attraction for US exploration and production firms. Chevron Corp. said this week that it plans to direct $2.5 billion of its 2017 capital budget to shale and tight oil and gas, with the majority of that total slated for Permian developments ( OGJ Online, Dec. 8, 2016 ). Devon Energy Corp., meanwhile, said it has increased its risked drilling inventory in the Delaware basin following a Leonard shale stacked spacing test in southeastern New Mexico ( OGJ Online, Dec. 7, 2016 ). The firm has 60,000 net surface acres in the Leonard shale, with gross pay ranging up to 1,100 ft and as many as three different landing intervals. Independent oil and gas consultant Rystad Energy notes the basin’s attractiveness primarily reflects its large stack potential, which comprises more than 12 formations “already proven to deliver competitive well results at low breakeven prices.” This has resulted in more than $22 billion invested in mergers and acquisitions involving Permian shale plays during 2016, the firm says. Movement outside of West Texas during the week included a 3-unit rise in the Eagle Ford to 43, its highest point since April; and a 2-unit increase in the Granite Wash to 13. The Barnett dropped a unit to 3. Spreading riches Several other major oil- and gas-producing states and basins got in on the action this week. Leading the way outside of Texas was Colorado with a 6-unit gain to 26. The DJ- Niobrara rose 3 units to 24. Wyoming increased 3 units to 20, up 7 in the last 2 weeks and up 13 since July 1. Pennsylvania rose 2 units to 31, up 18 since July 8. The Marcellus also gained 2 and now totals 40, nearly doubling its Aug. 12 total while contributing to the overall US gas drilling rebound. In addition to New Mexico, North Dakota, Arkansas, and Kansas each gained a unit to respective counts of 32, 2, and 1. As with its home state, the Williston rose 1 unit to 32. Oklahoma, Louisiana, and Alaska each dropped 1 unit to 80, 47, and 6, respectively. The Cana Woodford lost 2 units to 37. Canada managed to top this week’s US increase and its own jump a week ago, leaping 30 units to 230, a rise of 194 since May 6. Oil-directed rigs gained 17 units to 117 while gas-directed rigs rose 14 units to 112. One rig considered unclassified went offline, halving that tally. Cenovus Energy Inc. this week said it plans a targeted drilling program during the year ahead on Palliser block in southern Alberta where it has “a large inventory of highly attractive short-cycle tight oil opportunities.” The firm says it has identified 700 drilling locations to date with high-return potential. It plans to drill about 50 horizontal development wells and 60 stratigraphic wells at Palliser ( OGJ Online, Dec. 9, 2016 ). The recent surges in the US and Canada continue to almost singlehandedly account for the global drilling expansion. During November, the two countries contributed 53 units to the 58-rig increase in the average global rig count, according to global data from BHI ( OGJ Online, Dec. 7, 2016 ). Contact Matt Zborowski at matthewz@ogjonline.com .

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    Fri, 9 Dec 2016

  2. Swift Energy sells remaining 25% interest in Central Louisiana

    Swift Energy Co. has sold its remaining 25% interest in the Burr Ferry and South Bearhead Creek Fields in Central Louisiana.

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    Fri, 9 Dec 2016

  3. 1Derrick US M&A weekly update

    1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of November 28 th to December 2 nd .

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    Tue, 6 Dec 2016

  4. First Reserve-based Tri-Point makes acquisitions

    Tri-Point has acquired three companies that specialize in oil and gas production and processing equipment and associated services.

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    Mon, 5 Dec 2016

  1. Juniper Capital II, BoomTown Oil enter partnership

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    Tue, 29 Nov 2016

  2. BHI: Permian basin rig count up 101 since May 13

    The most attractive oil region in the US and perhaps the world has added more than 100 active rigs since last spring.

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    Fri, 2 Dec 2016

  3. Swift Energy to sell certain South East Louisiana assets

    Swift Energy Company has entered into a purchase and sale agreement providing for the company to sell its Lake Washington field in South East Louisiana.

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    Mon, 21 Nov 2016

  4. BHI: US rig count records largest gain in 2½ years

    The US drilling rig count jumped 20 units to 588 during the week ended Nov. 18, according to Baker Hughes Inc. data. It’s the count’s largest increase since April 2014, several months before the beginning of a steep drilling dive that lasted a year and a half.

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    Fri, 18 Nov 2016

  5. Carrizo Oil & Gas makes bolt-on Eagle Ford acquisition

    Carrizo Oil & Gas Inc. has agreed to acquire Eagle Ford Shale properties from an affiliate of Sanchez Energy Corp. for $181 million in cash.

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    Tue, 25 Oct 2016

  6. Carrizo to add 15,000 net acres in Eagle Ford

    Carrizo Oil & Gas Inc. has agreed to acquire 15,000 net acres in the Eagle Ford shale of South Texas from an affiliate of fellow Houston firm Sanchez Energy Corp. for $181 million in cash.

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    Tue, 25 Oct 2016

  7. Värde Partners, Titanium Exploration Partners close STACK and Eagle Ford acquisitions

    Värde Partners and Titanium Exploration Partners LLC have acquired oil and gas assets in the STACK play in Oklahoma and in the Eagle Ford Shale play in Texas.

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    Tue, 1 Nov 2016

  8. KKR, Venado form Eagle Ford oil and gas investment partnership

    KKR and Venado Oil and Gas LLC have partnered to consolidate assets in the Eagle Ford Shale.  

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    Thu, 29 Sep 2016

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