Energy Index Rises
Posted on: Saturday, 23 July 2005, 12:00 CDT
The Oklahoma Energy Index, an economic measure of the state's oil and gas production sector, rose nearly one point to 175.6 in May, the Oklahoma Independent Petroleum Association announced Tuesday.
The index is up 15.4 percent from May 2004.
OIPA officials attributed the rise to a nearly 10 percent increase in the number of drilling permits granted this year. Through May, the state has issued 2,262 "intents to drill" for oil and natural gas, the OIPA said.
The increase may help curb Oklahoma's declining rig count, the association said. The tally has dropped from 158 to 150 over the last year.
"As the rig count climbs in Texas, Kansas, Colorado and elsewhere, the number of available rigs and workers continues to be an issue," said OIPA Chairman Harold Hamm.
Still, energy production employment in Oklahoma is up more than 5 percent from last year. The industry has added about 1,600 jobs over the last 12 months, OIPA said.
Source: Tulsa World
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