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Oil and Gas Journal Drilling News

  1. The US drilling rig count dropped 25 units to reach 1,050 rigs working for the week ended Jan. 18. The count is up 114 units from the 936 rigs working this time a year ago, according to Baker Hughes data.

  2. Despite the signing of a new Vienna Agreement, the journey to a balanced global oil market will take time and is more likely to be a marathon than a sprint, according to the International Energy Agency’s first Oil Market Report in 2019. On the supply side, IEA said, “While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner.”

  3. Saudi Aramco has let contracts to Saipem for offshore work expanding Berri and Marjan oil fields. The contracts, totaling $1.3 billion, cover design, engineering, procurement, construction, installation, and implementation of subsea systems and the laying of pipelines, subsea cables and umbilicals, platform decks, and jackets.

  4. The worldwide oil and gas industry achieved a net production increase of 164 billion cu m (bcm) in 2018, representing the highest production growth since 2010, according to research by Rystad Energy.

  5. Gulf Keystone Petroleum has initiated an investment program at its operated Shaikan field in the Kurdistan region of Iraq and is progressing plans to increase production to 55,000 b/d. Average gross oil production of 31,563 b/d in 2018 is underpinned by strong performance of the Shaikan Jurassic reservoir, and is in line with expectations, the company said.