Rig count continue to drop in the USA.
We at BGP continue to monitor the price of oil and gas. Oil hit $60, the highest in several months, but natural gas continues to be very low.
It appears that Saudi Arabia continues to put pressure on prices by high production, in an attempt to increase their "market" production.
The result has been a reduction of drilling in the USA and around the world, with massive lay offs in the oil and gas industry. Some producers are saying that if oil stabilizes above $65 per barrel, that they may renew drilling activities.
- Houston-based oilfield services firm Baker Hughes said the drilling rig count in the U.S., Texas and the Permian Basin continued to drop for the week ending May 1.
- The count in the Permian Basin as of May 1 was 238, which was down 8 from 246 of the previous week and down 305 from 543 of the previous year.
- The U.S. count was down for the 21st consecutive week to 905 from 932 the previous week and 1,854 the previous year after reaching 20 consecutive weeks of declines April 24. The 905 total is the lowest since June 19, 2009. Texas lost 13 rigs in the last week and 512 in the last year to 380.
Rig count as of May 1 for the other top states are Oklahoma at 108 (down from 115 last week, down from 195 last year),
North Dakota at 79 (up from 78 last week, down from 176 last year),
Louisiana at 73 (down from 74 last week, down from 114 last year),
Pennsylvania at 47 (down from 49 last week, down from 58 last year),
New Mexico at 46 (down from 48 last week, down from 90 last year) and
Colorado at 37 (unchanged from last week, down from 64 last year).
The other top basins are
Eagle Ford at 110 (down from 115 last week, down from 218 last year),
Williston at 80 (up from 79 last week, down from 183 last year),
Marcellus at 67 (down from 69 last week, down from 85 last year) and
Cana Woodford at 38 (down from 41 last week, up from 24 last year).
Where are the largest oil and natural gas fields in the USA?
The U.S. Department of Energy said that the Eagleville oil field in south Texas is the largest oil field in the nation. In a supplement to a report called “U.S. Crude Oil and Natural Gas Proved Reserves 2013,” the Energy Information Administration ranked the top 100 oil and gas fields in the U.S. based on estimated 2013 proved reserves. The last top 100 ranking was based on 2009 estimated proved reserves.
- Discovered in 2009, the Eagleville spans 14 counties and had 238 million bbl in production during 2013.
- Runner-up is Spraberry in west Texas.
- Others in the oil top 10 are Prudhoe Bay in Alaska,
- Wattenberg in Colorado,
- Briscoe Ranch in south Texas,
- Kuparuk River in Arkansas,
- Thunder Horse in the Gulf of Mexico,
- Wasson in Texas,
- Belridge South in California, and
- Atlantic in the Gulf of Mexico.
The Marcellus area in West Virginia and Pennsylvania, discovered in 2008, is the top natural gas field, the EIA said, surpassing runner-up Barnett in north Texas.
Others in the gas top 10 are Fayetteville in Arkansas,
San Juan Basin in Colorado and New Mexico,
Haynesville in Louisiana,
Pinedale in Wyoming,
Carthage in east Texas,
Jonah in Wyoming,
Wattenberg and Prudhoe Bay.