Drilling activity picked up slightly this week in South Texas’ Eagle Ford Shale and in Oklahoma while the nation’s overall rig count stayed relatively flat.
The number of rigs drilling for crude oil or natural gas grew by one rig this week, with a net gain of two oil rigs and a lost of one seeking just gas.
Texas added one net rig for the week with the Eagle Ford picking up two and West Texas’ booming Permian Basin losing one rig.
The only states gaining or losing multiple rigs were Oklahoma with two additions and Louisiana, which lost two, according to weekly data collected by Houston energy services firm Baker Hughes, a GE company.
The small adjustments come at a time when oil prices have fallen on news last week that Saudi Arabia and Russia are leading a push to increase their oil production later this year, in part to keep prices from rising too high and slowing global economic growth. The U.S. oil benchmark was hovering above $66 a barrel Friday, while there’s a growing gap between it and the European North Sea benchmark, which is trading at about $77 a barrel. [read more]