Industry at a glance

	Vol. 226 No. 2

State firm NNPC said Nigerian reserves are at 35.5 billion bbl, with production on the rise. Other OPEC countries, like Indonesia and Venezuela, did not meet output quotas during 2004. According to IEA, Venezuela specifically has not met its quota since November 2002. Reconsidering his nation’s departure from OPEC in December 1992, Ecuadoran Energy Minister Eduardo López looks to rejoin the group. Mexico’s PEMEX continues to hope for increased oil prices, as its Cantarell oil field, providing 62% of total output, has hit a peak. Oil prices cooled below $45/bbl at the end of 2004 but are now inching toward $50. Workover rig count increased very slightly in December, although the Texas Gulf Coast gained 50 rigs during 2004. West Texas still dominated the year, with an average workover count of 260. Unlike the US, which remained stable, international seismic crew counts took a loss, with the exception of Africa and Canada.