Industry at a glance
February world oil supply fell 65,000 bpd, despite higher output from the UK, Canada, Kazakhstan, Brazil, Angola and Iraq.
February world oil supply fell 65,000 bpd, despite higher output from the UK, Canada, Kazakhstan, Brazil, Angola and Iraq. Within that figure, OPEC supply declined 125,000 bopd. The US experienced one of its coldest Februarys in 30 years, resulting in a sharp increase in demand. The IEA predicts that global oil demand grew 1% in 2006 and will grow 1.8%, to 86 million bopd in 2007. Sabotage cost Iraq $6.3 billion in lost oil export revenue during 2006. Rotary and workover rig counts are up across the board. Canada’s workover count increased 27 units in February and was up five rigs from the same month a year earlier. The international rotary rig count grew 74 units, or 4.6%, similar to the trend a year ago. In the US, workover rigs rose by only one unit, but the rotary rig count increased 22. Seismic crews are also on the rise. The US crew count is up by three and the international crews are up 20, or 7.7%. |
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)