Number of active oil and gas wells increased in US this week

Baku. 8 October. REPORT.AZ/ The total number of active oil and gas wells in US increased by 2 or 0.38% on October 1-7 and reached 524.

Report informs referring to "Baker Hughes" the number of active oil wells during the reporting week increased by 3 or 0.7% and reached 428 units. The number of gas wells decreased by 2 or 2.08% and amounted to 94 units. At the same time the number of mixed wells up by 100% and made 2. Thus, compared to the same period last year the number of oil wells up by 29.2% or 177 units, the number of gas wells by 95 units, or 50.3%, in general the number of oil and gas wells declined by 271 units or 34.1%.

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 35.4% than the minimum limit.The figure reached a record level in October 2014 with 1 609 units.Currently, the number of wells by 73.4% lower than the record limit.

The number of oil wells in the US continues to grow in 19 weeks, with the exception of 2 weeks.

Analytical group of Report believes, oil prices above 50 USD / barrel will accelerate revival of the oil sector in the US.