OK doubles oil and gas industry rig count in a year

OK doubles oil and gas industry rig count in a year

OKLAHOMA CITY, OK (KOCO)- Data shows the oil and gas industry rig count is now double what it was this time last year in Oklahoma. In April, there was an average of 125 active weekly rigs. A year ago, there were 62 active rigs.

"I think in Oklahoma, a lot of it is our structure," said Tim Wigley, president of the Oklahoma Independent Petroleum Association.

The low gross production tax of 2 percent for new wells has helped recruit more companies to Oklahoma.

"There's 40 new startups in Tulsa," Wigley said now that longer lateral drilling will be allowed anywhere in Oklahoma, the industry can expect to see an increase in rigs and oil jobs in the coming year. "That's going to attract more investment, create more jobs and more wealth for the state, so we're excited."

Economists said that once the long lateral legislation is fully implemented, Oklahoma will see 6,000 more energy jobs.

Information provided by KOCO.