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U.S. oil producers ramp up fracking in sign of stronger output gains

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Reuters

By Arathy Somasekhar (Reuters) – As oil prices have surged past $80 a barrel, U.S oil and gas producers are paving the way for faster production by expanding new well completions in the Permian Basin of west Texas and New Mexico, the country’s top shale oil field, according to research data. The number of pressure pumping units at work in the Permian rose 5% in December, over the previous month, analysts at Tudor, Pickering, Holt and Co said. Pressure pumping is one of the last steps required to complete a well. The Permian will account for vast majority of this year’s projected boost in U.S. …

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