As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days.
Shell’s once-grounded Arctic drilling rig is now free to begin its long trek to an Asian shipyard for repairs, with the Coast Guard’s decision Thursday to lift a detention order that has been keeping the vessel in Alaska’s Kiliuda Bay.
A Brazilian federal court has dismissed criminal charges filed last year against Chevron Corp., driller Transocean Ltd. and several of their executives in connection with a 2011 oil spill off the coast of Rio de Janeiro.
A management plan for the vast National Petroleum Reserve-Alaska splits an Indiana-size area roughly in half between conservation areas and land available for petroleum development, and allows pipelines carrying oil or gas to be constructed through the reserve.
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