By The Associated Press
Tuesday, February 7, 2012
The number of rigs actively exploring for oil and natural gas rose by 9.2 percent worldwide in January, following a 12 percent increase in benchmark oil prices.
Oil services firm Baker Hughes Inc. said Tuesday that 3,751 rigs were exploring for oil and gas. Petroleum companies increased the number of working rigs mostly in North America, where new technologies are allowing drillers to tap vast layers of shale rock. Shale drilling initially yielded mostly natural gas, but companies are increasingly looking for areas that are rich in oil and other liquid hydrocarbons.
Oil prices rose from 2011 to 2010. Natural gas prices declined, making natural gas production less profitable.
Baker Hughes, based in Houston, said the increase in rig activity included a 9.7 percent rise in land-based operations and a 4.2 percent increase in offshore projects.
Internationally, rig activity increased 15.6 percent in the Middle East and 4.2 percent in Latin America. It dropped by 7.7 percent in Europe, 11.2 percent in Asia and 9.3 percent in Africa.
