WORLDWIDE RIG COUNT UP 96 TO 2,271
BAKER HUGHES A GE - the Baker Hughes international rig count for February 2018 was 979, up 19 from the 960 counted in January 2018, and up 38 from the 941 counted in February 2017. The international offshore rig count for February 2018 was 194, down 2 from the 196 counted in January 2018, and down 6 from the 200 counted in February 2017.
The average U.S. rig count for February 2018 was 969, up 32 from the 937 counted in January 2018, and up 225 from the 744 counted in February 2017. The average Canadian rig count for February 2018 was 323, up 45 from the 278 counted in January 2018, and down 19 from the 342 counted in February 2017.
The worldwide rig count for February 2018 was 2,271, up 96 from the 2,175 counted in January 2018, and up 244 from the 2,027 counted in February 2017.
February 2018 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.