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 U.S. Rig Count is up 1 rig from last week to 885, with oil rigs up 2 to 674, gas rigs unchanged at 211, and miscellaneous rigs down 1 to 0.

U.S. Rig Count is down 1,011 rigs from last year at 1,896, with oil rigs down 890, gas rigs down 119, and miscellaneous rigs down 2.

The U.S. Offshore rig count is 32, down 3 rigs from last week, and down 32 rigs year over year.

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 The emergence of shale technology, particularly in the US, is dramatically challenging the conventional rules of the global oil markets, says Olivier Appert, president of the World Energy Council French Committee. Shale could become be the new “swing” producer in setting the price of oil on global markets.

“For the last 40 years, OPEC has been the major player in setting global oil prices because of its location within OPEC Countries, most specifically in the Middle East,” Appert says. “It has been the ‘swing’ producer, increasing its production when markets are tight, and reducing quotas when there is over-supply. However, in the last few years, with the advent of nonconventional shale oil and gas production in the US, the dynamics of the global market could be about to dramatically change.”

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The company is seeking a passionate drilling engineer/operations leader with extensive experience and documented success in building and managing drilling teams and drilling programs for other E&P operators’ unconventional business units.

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U.S. Rig Count is unchanged from last week at 884, with oil rigs up 2 to 672, gas rigs down 2 to 211, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is down 1,029 rigs from last year at 1,913, with oil rigs down 917, gas rigs down 110, and miscellaneous rigs down 2.
 

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Just as Space X rockets may be taking off from the beaches at Boca Chica near Brownsville, natural gas exports to Mexico look to also sky rocket in the coming years. Due to changes in Mexican law in 2013 opening the electricity market to private investment, billions of dollars in contracts have been let to build power plants, electrical distribution facilities and natural gas pipelines. In turn U.S. pipeline companies and gas producers have moved to capture the lion’s share of that market. Given the fact that Texas and Gulf Coast producers have been rapidly losing their old Northeast and Midwest markets to Marcellus producers this has proven to be a timely and vital new market. The Energy Information Agency (EIA) estimates that natural gas exports to Mexico were 3% of production in April 2015 and are expected to grow to 5% by 2030. While not nearly as important as the domestic power sector to U.S. producers nonetheless it represents a good piece of business. 

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 HOUSTON, Aug. 7, 2015 /PRNewswire/ -- Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for July 2015 was 1,118, down 28 from the 1,146 counted in June 2015, and down 264 from the 1,382 counted in July 2014. The international offshore rig count for July 2015 was 264, down 13 from the 277 counted in June 2015, and down 72 from the 336 counted in July 2014.

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Goldman Sachs Group Inc. says crude prices need to remain lower for a longer time to allow the oil market to find equilibrium amid a supply glut.

Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including Jeffrey Currie said in a report on Thursday. Low prices are needed to offset productivity gains and keep investment to a minimum, the report said.

Oil last month slumped the most since 2008 on signs the global surplus is persisting. Royal Dutch Shell Plc said in July it is braced for a prolonged downturn as the U.S. is producing near the fastest rate in three decades and OPEC’s largest members pump record volumes.

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Kenny Rogers is probably not well known in Saudi Arabia but if recent speculation about the kingdom resorting to the international debt market is correct then the words of The Gambler should be called, loudly, from every minaret in Riyadh.

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U.S. Rig Count is up 10 rigs from last week to 884, with oil rigs up 6 to 670, gas rigs up 4 to 213, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is down 1,024 rigs from last year at 1,908, with oil rigs down 918, gas rigs down 103, and miscellaneous rigs down 3.

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 HOUSTON — Exxon Mobil said Thursday it had finalized two deals to buy drilling rights to 48,000 acres in the heart of the Permian Basin.

The Irving, Texas-based oil and gas giant said the two deals include a farm-in agreement and an acquisition adjacent to XTO’s existing acreage in Martin and Midland Counties. Exxon Mobil subsidiary XTO Energy, which focuses mainly on unconventional production, will operate the acreage.

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