U.S. LOST 562 RIGS
The US drilling rig count plunged 98 units to settle at 1,358 rigs working during the week ended Feb. 13, Baker Hughes Inc. reported.
That total is the lowest since Feb. 26, 2010, and 406 fewer units compared with this week a year ago. The count has now fallen 11 consecutive weeks, losing 562 units during that time, of which 519 were targeting oil.
During the week, land rigs plunged 99 units to 1,298, while rigs drilling in inland water edged down a unit to 8. Offshore rigs, meanwhile, increased 2 units to 52.
Oil rigs lost 84 units to 1,056. Gas rigs lost 14 units to 300. Rigs considered unclassified was unchanged at 2 units.
Horizontal drilling rigs fell 63 units to 1,025. Since Nov. 21, 2014, 347 units have gone offline. Directional drilling rigs fell 12 units to 123.
Canada edged up a unit to 382, which is 242 fewer than this week a year ago. A 14-unit rise in oil rigs to 198 was nearly nullified by a 13-unit decline in gas rigs to 184.
Major states, basins
In the major oil- and gas-producing states, Texas, home to 44% of the country's rigs, yet again reported a precipitous decline. The Lone Star State gave up 56 units to settle at 598—its lowest total since Mar. 26, 2010. Since Nov. 21, Texas has lost 307 units.
This week's losses in Texas were reflected in a 49-unit drop in the Permian to 368 and a 6-unit drop in the Barnett to 13.
New Mexico relinquished 12 units to 66—its lowest total since Dec. 10, 2010.
North Dakota dropped 9 units to 123—its lowest total since July 16, 2010. The Williston fell 9 units to 128.
Colorado declined 6 units to 49. Oklahoma declined 5 units to 171. Wyoming declined 3 units to 39. Ohio and West Virginia each declined 2 units to 37 and 17, respectively. Arkansas edged down a unit to 11.
Unchanged from a week ago were Pennsylvania at 54, Kansas at 18, California at 16, Utah at 12, and Alaska at 10.
Louisiana, edging up a unit to 108, was the only state to report a gain this week.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.