U.S. crude’s recent fall to $51 a barrel is making a widely anticipated recovery in domestic drilling much more tenuous, bringing lower profits and probably even more job cuts to oil field service companies, analysts say.
The decades-old Baker Hughes rig count is getting a 21st century facelift with its debut of a new smartphone app featuring the oil field services company’s weekly round-up of rigs hunting for oil and natural gas.
Five oil rigs were added this week in the U.S., although gas and miscellaneous rigs dipped by four, leaving a net gain of one rig for the week, according to data from oil services provider Baker Hughes.
Sound Oil Plc, a Mediterranean producer one-500th the size of Eni SpA, will start exploring fields in Morocco and Italy toward the end of 2015 and early 2016, while Cairn Energy Plc and Savannah Petroleum Plc plan wells in West Africa.
Although the oil rig count is still in decline, the pace has slowed dramatically from earlier this year. The count dropped by seven rigs the week prior and by 13 rigs the last week of May. The country dropped by just one rig in the week that ended May 22.
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