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The number of oil exploration rigs is increasing in the U.S.

The exploration of oil and gas has played an integral role in establishing an impressive economy in the United States. Without access to these natural resource, everyday life would be significantly more complicated. What many people may not realize is that exploration efforts are still in full swing in California. With the discovery of new potential sites for rigging, an added benefit is created. 

Recently, the number of oil exploration rigs in the United States has increased. Two more rigs were added to the 1,060 already in operation. The highest number of rigs ever operating at one point was in 1981 when the reported number was a stunning 4,530 rigs. On the contrary, the industry was struggling to survive in 2016 when the number of functioning rigs was at 404. 

Currently, 198 rigs were labeled as gas, while another 862 were designed for drilling oil. Two of the rigs were currently labeled as miscellaneous with varying functions. Recently, Texas added an impressive three rigs to their portfolio, followed by Colorado with two additions and Louisiana with one. The number of rigs in California along with Pennsylvania, Alaska, West Virginia, Ohio, New Mexico and Utah remained unchanged. 

When companies are looking to expand their exploration efforts of natural resources, they may benefit from the partnership of an attorney. Working with a legal professional may allow them to receive informative advice in regards to protecting assets and moving their growth in a direction that will provide success without compromising integrity or the values they have already established. 

Source: Gazette.com, "National rig count rises by 2 to 1, 062; Texas gains 3," June 8, 2018

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