Oil exploration drops globally

By Michael Odewade

Oil exploration has dropped significantly in many parts of the world as a result of low investment.
Baker Hughes Incorporated has indicated that the international rig count for December 2015 was 1,095, down 14 from the 1,109 counted in November 2015, and down 218 from the 1,313 counted in December 2014.
It maintained that the international offshore rig count for December 2015 was 250, down 9 from the 259 counted in November 2015, and down 88 from the 338 counted in December 2014.
The organisation disclosed that the average U.S. rig count for December 2015 was 714, down 46 from the 760 counted in November 2015, and down 1,168 from the 1,882 counted in December 2014.
It maintained that the average Canadian rig count for December 2015 was 160, down 18 from the 178 counted in November 2015, and down 215 from the 375 counted in December 2014.
The organisation indicated that the worldwide rig count for December 2015 was 1,969, down 78 from the 2,047 counted in November 2015, and down 1,601 from the 3,570 counted in December 2014.
It maintained that the Baker Hughes Rotary Rig Counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.
The organisation indicated that Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity.
“The North American rig count is scheduled to be released at noon Central time on the last working day of each week. The international rig count is scheduled to be released on the fifth working day of the month at 5:00 a.m. Central time."
"Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 46,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources," it added.

Source: www.thedaily-ng.com/oil-exploration-drops-globally/
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