Industry at a glance
In February, US workover and US rotary rigs continued to freefall. The US workover rig count fell to 1,947, down 20.7% from 2,455 in February 2008 and down 9.5% from 2,152 the previous month. Rotary rigs running in the US fell to 1,320, down 25% from 1,765 in February 2008 and down 15% from 1,553 the previous month. Despite the falloff in US rigs, the international rotary rig count remained stable at 1,530 in February. February global oil supply fell by 0.98 million bpd to 83.39 million bpd. The largest drops were seen in Kuwait and Saudi Arabia, with 150,000- and 140,000-bpd cuts, respectively. Overall, OPEC cut production by 1 million bpd. The IEA continues to revise down the global oil demand forecast for 2009 to 84.4 million bpd, down 1.5% or 1.2 million bpd year-on-year, on a reassessment of demand prospects in the FSU, Asia and OECD North America. |
- What's new in production (February 2024)
- Prices and governmental policies combine to stymie Canadian upstream growth (February 2024)
- U.S. operators reduce activity as crude prices plunge (February 2024)
- U.S. producing gas wells increase despite low prices (February 2024)
- U.S. drilling: More of the same expected (February 2024)
- U.S. oil and natural gas production hits record highs (February 2024)
- 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)
