FARMINGTON, N.M. (AP) - A recent increase in the number of drilling rigs operating in the San Juan Basin is sparking optimism that the downturn in oil and gas production may turn around.
The Daily Times of Farmington, New Mexico, reports (https://goo.gl/qOFesS ) there currently are four active rigs in the basin - a significant jump in 16 months.
The last time a weekly rig report listed four or more active drilling rigs in the basin was November 2015. During subsequent months, that number gradually dwindled to just one rig.
New Mexico Oil and Gas Association spokesman Wally Drangmeister says each operating drilling rig creates around 50 to 75 full-time jobs.
Two of the active rigs belong to BP America. One belongs to Encana Corp. and the other to WPX Energy.
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Information from: The Daily Times, https://www.daily-times.com
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