Natural Gas Rotary Rig Count Rises to Highest Level since February 2009.

 

Natural Gas Rotary Rig Count Rises to Highest Level since February 2009. The natural gas rotary rig count was 992 as of Friday, August 13, according to data released by Baker Hughes Incorporated. The number of natural gas rigs rose by 9 from the previous week and are at their highest level since February 20, 2009. Rigs have increased even as wellhead prices have fallen. This pattern may represent more efficient technology that allows drillers to recover natural gas at a lower cost than was possible in previous years. This week’s increase was entirely attributable to onshore rigs; natural gas rigs in the Gulf of Mexico remained constant at 13. Natural gas rigs have shown a generally upward trend over the last year or so. The natural gas rigs count is 44 percent higher than its level 1 year ago, and 31 percent higher than their level at the beginning of 2009. Horizontal rigs (including both oil and natural gas) are at their highest recorded level of 885. Vertical rigs (also including both oil and natural gas) increased by 27, or about 5 percent, from 506 to 533, their highest level since February 27, 2009.

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