Industry at a glance

	Vol. 226 No. 4

Venezuelan President Hugo Chávez is discussing oil and gas field agreements with various countries, including France, Qatar, Iran, and India. India finalized a 49% stake in Venezuela’s San Cristobal field. Venezuelan production was on the rise in February. However, OPEC revised the country’s production quota at its March 16 meeting, adding another 58,000 bopd. The new quota stands at 3.165 million bopd. Venezuela and Qatar are also considering designing a cooperative Chamber of Commerce.

Iran claims to have discovered a giant oil and gas field in Khuzestan, some 25 miles northeast of the provincial capital, Ahvaz. The field reportedly contains an estimated 5.7 billion bbl of oil and 1.3 Tcf of gas, presumably in situ.

The US rotary rig count is up by 161 rigs vs. February 2004, with Louisiana and Texas adding 56% of the increase. The offshore rig count is steady for the Gulf of Mexico with a decline in Texas offset by a gain in Louisiana.