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U.S. energy firms added oil and natural gas rigs for a second week in a row as higher oil prices prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose eight to 448 in the week to May 7, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count 74 rigs, or 20%, higher than this time last year. It was also up 84% since falling to a record low of 244 in August 2020, according to Baker Hughes
The number of oil rigs operating in the US rose again this week, with crude futures climbing more than 40% so far this year. Baker Hughes, yesterday, reported that the rig count increased by two oil rigs this week, putting the total count to 833. The rig count had remained on the downhill for the past four months while E&P companies were slashing expenses involved with new drilling.
ARO Drilling, a JV of Aramco and US-listed Rowan Companies, has been awarded six three-year contracts for jack-up rigs by Saudi Aramco. The rigs are already operating in the country. According to the statement from Rowan company, only after the completion of existing rig contracts, the new contracts will be initiated. Aramco is continuing with its run of awarding similar contracts and increasing its pace of offshore drilling activities.
With the assistance of a specialized marine and seaward engineering consultancy-Aqualis Offshore, ONGC has effectively moved 29 portable offshore drilling rigs at their respective monsoon locations preceding the Indian monsoon. Aqualis Offshore is providing marine warranty services to ONGC’s jack-ups rigs and mobile offshore production units (MOPU) in Indian waters. This huge logistic challenge has been taken up with great care and safety.