The impact of the oil price war caused by Russia and Saudi Arabia as well as the coronvirus pandemic across the globe has resulted in more oil and gas drilling rigs being shut down, both in Oklahoma and across the rest of the U.S.
As an oil glut develops and prices remain in the $20-$25 a barrel range, the U.S. saw a decline of at least 20 oil and gas rigs in the past week, tumbling to 772. Oklahoma saw a decline of three to leave only 43 active rigs seeking oil and natural gas over the past several days. A year ago, Oklahoma had 109 rigs reported by the Baker Hughes oilfield servicing company.
The decline nationwide includes a drop of 19 oil-drilling rigs to 664 while the number of gas rigs decline of one to 106. In the past year, the nationwide decline has totaled 224 from the 1,016 reported a year ago.
Texas saw a drop of 11 rigs to 397 while New Mexico’s count fell by five to 112. Colorado remained at 20 while North Dakota, the nation’s second largest oil-producing state reported a decline of one rig to leave 50 still drilling.
Louisiana’s count remained at 47 while Wyoming stayed at 20. The Red Top Rig Report published by the Independent Oil and Gas Service in Wichita reported the Kansas rig count plummeted by 10 to leave only 12 rigs actively drilling for new energy.
Of the oil plays, Oklahoma’s Ardmore Woodford stayed at four while the Arkoma Woodford continued with one rig.
The D-J Basin in Colorado continued with 20 rigs while the Eagle Ford in South Texas saw its count decline by one to 67.
The Granite Wash in Oklahoma and the Texas Panhandle added one rig to reach three. The Mississippian in northern Oklahoma and southern Kansas stayed at two rigs.
The Permian in West Texas and Southeast New Mexico reported a decline of 13 rigs to 405. The Williston in North Dakota declined by one to 51 active rigs.