US drilling activity on rebound

US drilling activity, especially on land, increased rapidly during the first few months of 2003 as exploration and production companies stepped up their drilling programs to take advantage of firm commodity prices, said analysts at Jefferies & Co. Inc. in a recent report.The weekly rig count by Baker Hughes Inc. reported 1,001 rotary rigs working in the US in early May, marking the first time in 18 months that the US rig count had exceeded 1,000 active units."We expect the rate of increase in drilling activity to pick up in coming weeks," said James L. Williams, president of WTRG Economics and publisher of Energy Economist Newsletter."Gas drilling activity should approach 1,000 [rigs] by ...

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