North American Rig Count Falls; ND Tech Eyes Geothermal Future
Weekly rigs drop by four as North Dakota researchers see oilfield tech as key to unlocking geothermal potential.
North America's active rig count fell by four to 670 in the week ending May 1, according to the latest Baker Hughes data reported by Rigzone. The decline was driven by Canada, which lost seven rigs, while the U.S. overall added three. The total U.S. count stands at 547 rigs.
The U.S. land rig count, which includes major shale plays, decreased by six week-on-week. Among states, Texas added four rigs and Louisiana added two, while New Mexico dropped three and Wyoming dropped one. The Permian Basin dropped one rig. The data showed no specific change for North Dakota's Bakken formation this week.
Separately, North Dakota's oil and gas expertise is being studied as a potential key to developing geothermal energy in the state. According to a report from the Energy and Environmental Research Center (EERC) presented last week, fracking technology could be used to create permeable pathways in tight rock formations, allowing for geothermal heat extraction. This application mirrors techniques used in the state's oil industry.
"There’s a lot more work to be done on feasibility for power generation potential,” said Tyler Hamman, assistant vice president for strategic partnerships with the EERC, during a presentation to the North Dakota Industrial Commission. The report, covered by Bing News, noted that while underground temperatures in western North Dakota may be sufficient, the tightness of the rock is a challenge.
Hamman suggested that advancements in oil and gas technology, particularly fracking, have reduced costs to the point where enhanced geothermal systems are now being seriously considered. “Where we’re at in terms of enhanced geothermal is really where we were at the start of the shale revolution, in terms of trying to prove out the technology,” he said.
In corporate news, Occidental Petroleum announced a leadership change effective June 1. According to Rigzone, Chief Operating Officer Richard Jackson will succeed Vicki Hollub as CEO. Hollub, who led the company since 2016, will remain on the board. Jackson, who joined Occidental in 2003, has held leadership roles including President of U.S. Onshore Oil and Gas and President of Low Carbon Integrated Technologies.
Jackson stated the company has "a tremendous opportunity to focus on organic improvement and execution." Occidental, which maintains a significant presence in the Permian Basin, declared a dividend of $0.26 per share and is scheduled to report first-quarter results Tuesday.
The broader North American rig count is down 34 rigs compared to the same time last year, with the U.S. accounting for a drop of 37 rigs.
Source
According to Bing News and Rigzone.
