The overarching trend so far for 2017 has been huge increases in drilling rig counts over the numbers for the previous year. According to data released by Baker Hughes, the U.S. rig count has reached 952 for the week ending July 7, 2017. This number more than doubles the count of 440 tallied the week of July 8, 2016.
Internationally, the year-over-year numbers have seen a modest increase of 33 rigs from the same week in 2016. The current international rig count sits at 960, up from a total of 927 in June 2016.
American crude oil refinery inputs averaged 17.2 million barrels per day during the week ending July 7, 2017, according to data released by the U.S.A. Energy Information Administration, with U.S. refineries operating at 94.5% capacity.
Cautious Optimism
Despite the steady rise, industry experts remain cautious about the outlook. “I don’t think this represents a sudden increase in bullish sentiment from the industry,” said Patrick Rau, Director of Strategy & Research at Natural Gas Intelligence. He notes recent rig gains likely indicate regional or company-specific decisions rather than a general increase in industry activity.
Improve Efficiencies With Sigma
Increased activity in rig development signifies opportunity for multiple sectors of the O&G sector. Oil and gas companies can double down on maximizing profits through smart technologies that provide performance gains.
For companies like Sigma Drilling Technologies, the importance of drilling efficiency in the oil and gas sector means increasing demand for pulsation control solutions and pulsation dampeners.
If you are as confident about the continued growth of the oil and gas industry as we are at Sigma Drilling Technologies and want to know how we can improve your company’s efficiency, give us a call at 281-656-9298 to schedule a free demonstration. Our product specialists can help you understand the benefits of incorporating pulsation technology into your operations and improve returns for your company.
