The US drilling rig count was up 4 units to 1,067 rigs working for the week ended Oct. 19, according to Baker Hughes data. The count is up 154 units from the 913 rigs working this time a year ago.
With seasonal slowing after the summer driving season, US petroleum demand was 20.1 million b/d in September, down 3.5% from August but up 2.4% compared with September 2017. This is according the latest monthly statistics report from the US American Petroleum Institute. Year-to-date through September, US petroleum demand remained at its strongest since 2007, averaging 20.4 million b/d. This was an increase of nearly 500,000 b/d over the same period in 2017.
US government regulators approved ConocoPhillips Alaska Inc.’s plan for development of its Greater Mooses Tooth 2 (GMT2) project in the National Petroleum Reserve-Alaska. The approval came less than 2 weeks after oil production started from Greater Mooses Tooth 1 (GMT1).
Reforms in response to US President Donald Trump’s Executive Order 13771 have resulted in $2.5 billion of regulatory relief for oil and gas producers during the fiscal year 2018, the Department of the Interior indicated on Oct. 17. “The Trump Administration is doing exactly what was promised and making smart decisions to reform and reduce the regulatory burden on the American people and economy, and it’s producing big results,” Sec. Ryan Zinke said.
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