US shale drilling gets revival as oil prices start to climb
New York
THE biggest reboot of US oil and gas rigs in two years will gain traction as higher prices prompt producers to resume investment in the most profitable plays, according to a report by Platts RigData.
Demand for land rigs will rise 29 per cent next year to 579, the S&P Global Platts unit said in a report released at the Benposium East conference in New York on Wednesday. Platts RigData forecasts average West Texas Intermediate crude prices to climb 23 per cent to US$52.18 a barrel in 2017. The Henry Hub natural gas benchmark is seen increasing 26 per cent to US$3.05 per million Btu.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Saudi Arabia hikes oil selling prices for all grades to Asia
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month