29 rigs is massive? Really? A few years ago there were over 2000 US rigs in operation. There are still less than 1000 Right now.
>>>A few years ago there were over 2000 US rigs in operation. There are still less than 1000 Right now.
Rigs today are differnet. We are producing a lot more oil than we were a few years ago despite the much smaller number of rigs.
Irrational exuberance. I think not. I’m seeing a lot of pipeline construction in the Appalachians. Not including New York of course. The little piggy is about to go to market.
I suspect what is really happening is it is just following the markets crashing.
Oil rigs can now drill horizontally up to a mile away from the site.
That makes them more than 10 times as powerful
Here you go, it’s about a five or six minute video from Marathon Oil if you’re interested.