WORLDWIDE RIG COUNT UP 27
Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for January 2017 was 933, up 4 from the 929 counted in December 2016, and down 112 from the 1,045 counted in January 2016. The international offshore rig count for January 2017 was 206, down 4 from the 210 counted in December 2016, and down 36 from the 242 counted in January 2016.
The average U.S. rig count for January 2017 was 683, up 49 from the 634 counted in December 2016, and up 29 from the 654 counted in January 2016. The average Canadian rig count for January 2017 was 302, up 93 from the 209 counted in December 2016, and up 110 from the 192 counted in January 2016.
The worldwide rig count for January 2017 was 1,918, up 146 from the 1,772 counted in December 2016, and up 27 from the 1,891 counted in January 2016.
January 2017 Rotary Rig Counts
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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.