Number of active drilling rigs in US reaches 18-month high

Baku. 6 March. REPORT.AZ/ Total oil and gas production facilities in the United States during the period from February 25 - March 3 increased by 2 units, or 0.26% and amounted to 756.

Report informs citing Baker Hughes, at the end of the reporting week the number of active oil wells in US increased by 7 units or 1.16% - up to 609 units, gas plants decreased by 5 units or 3.31% - up to 146 mixed has not changed, remaining at 1.Thus, number of active drilling rigs reached 18-month high.In annual terms, the number of oil rigs increased by 217 units or 55.36%, gas - by 49 units or 50.51%, in general, oil and gas production facilities increased by 267 units or 54.6%.

Notably, as of May 25 this year the number of oil wells in operation in the US was 316 units, that is the minimum limit for last 7 years. Currently, the number of active oil wells is more by 92,72% than the minimum limit. The figure reached a record level in October 2014 with 1 609 units. Currently, the number of wells by 62,15% lower than the record limit.

Analytical Group of Report noted that, the price of oil expected to fluctuate in 50-60 USD/barrel range within the next 3-6 months. In this case, number of active oil wells will continue to increase in US. This in turn will lead to an increase in production.