The U.S. land rig count fell 17 to 590 and the horizontal land rig count fell 13 to 487.
Horizontal Land Rig Count Update
This week, the Permian basin horizontal rig count fell by 13 while the Bakken and Eagle Ford were unchanged.
Is this a moment of truth for the Permian basin plays?
I have shown that those plays are commercially less attractive than the Bakken and Eagle Ford because of lower EUR and comparable costs. A positive aspect of the plays is higher early flow rates and, therefore, more cash flow.
Another factor in the plays' popularity among operators may have been the sizable uplift in drilling productivity earlier in 2015 compared with other tight oil plays.Related: Do Canadians Want To Stay In The Oil Business?
The shale gas rig count fell 2 with the Barnett and Marcellus each losing 1 rig. Utica, Woodford and Haynesville were unchanged.Related: Israeli Minister Stirs Pot With Call For Independent Kurdish Nation
This week, the Bureau of Economic Geology published a summary article of their research on the Haynesville Shale play
By Art Berman for Oilprice.com
More Top Reads From Oilprice.com:
- Russian-OPEC Production Cut Remains A Long Shot
- Oversold Oil Markets Rally On Rumors Of OPEC Cut
- Continental Resources 2016 Guidance & Oil Price Impact