US shale drilling gets revival as oil prices start to climb
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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.
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