The US onshore rig count has continued a steady decline according to research by the Gaffney, Cline and Associates (GCA) oil and gas monitor.
It was launched earlier this month to track onshore and Gulf of Mexico (GOM) activity it the wake of lower oil prices.
The Baker Hughes rig count showed a fall of a further 43 over the past week in the US onshore total, with this now having declined by 297 from a high of 1,876 in November last year down to 1,579 this month.
GCA executive director and senior strategic advisor Bob George said: “The fall in the number of onshore rigs this week continues to track the fall seen during the last oil price crash in 2008-2009.
“The question out there right now is, with oil prices having traded in a fairly narrow range over the past two weeks (US$ 48-50/Bbl for Brent), have we reached bottom or this is simply a pause before some further decline?”
The GCA Indices for rig count and oil price are a comparison of today’s data with the average in the three month period April to June 2014.
Changes this week places the GCA Index for US onshore rigs at 88, compared to 90 the previous week.
The GCA Index for Brent fell two points to 44 during the week with a closing price of $48.68.
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