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Rig counts steady in major US shale plays; decline elsewhere

The recent sharp fall in oil prices has been causing a noticeable trend with the amount of rigs accounted for among various shale plays throughout the United States. In fact, over the past three weeks, rig counts have seen substantial declines with over 90 rigs being shut down, according to Baker Hughes. This raises the…

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Eagle Ford, Permian Basin push US proven reserves to a 40 year high

Proven reserves of crude oil and light condensate in United States are at a 40-year high with many thanks to the massive oil production coming from the Permian Basin and Eagle Ford shale plays. The US Energy Information Administration reported that US proven crude oil and lease condensate reserves increased 9.3% to 36.5 billion barrels…

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