Permian count highest since December Diet of ‘low-calorie’ rigs not satisfying Larger companies could speed momentum US oil rigs rose by three to 204 in the Permian Basin last week, as analysts watched all corners of industry for signs of an activity pickup next year. The 204 rigs now working in the West Texas/New Mexico basin represents the highest number since last December, Baker Hughes said in its weekly rig count Friday. Total US oil rigs increased by seven to 425. The 72 rigs added to the Permian by industry since late April has largely occurred at oil prices below $50/b. But it could take higher oil prices to push on to the next major sustained activity increase in that region as larger operators accelerate the momentum begun by their smaller counterparts, Paul Horsnell, head of commodities research for Standard Chartered Bank, said. Article Continues below… Are you interested […]