May 22, 2024
JUST IN: United States rig count drops 1.8% to 758
OIL PRODUCTION STATUS REPORT
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By Eyo Nsima
The rig count of Unites States slipped month-on-month, MoM, by 1.8 per cent to 758 in February 2023, from 772 recorded in the preceding month of January 2023.

This was disclosed by the Organisation of Petroleum Exporting Countries, OPEC, in its March 2023 Monthly Oil Market Report, MOMR, obtained by The Daily, www.thedaily-ng.com.

The nation was followed by Canada that recorded 248 while the least was the United Kingdom with 11 rig count during the period.
However, the rig counts of these and other nations assisted to increase the total performance of the Organisation for Economic Co-operation and Development, an intergovernmental organisation with 38 member countries to 1,139 rig count in February 2023, down from 1,141 recorded in January 2023.

According to the International Energy Agency, IAE, “The energy policy landscape of the United States has fundamentally changed over the past decade. In many respects, the country is in a strong position to deliver a reliable, affordable and environmentally sustainable energy system.

“Innovations in oil and gas extraction through horizontal drilling and hydraulic fracturing have made oil and gas production from shale formations a mainstay of the US and global energy landscape. The timely siting of supporting infrastructure will be essential to ensuring continued gains from the shale boom.

“The fuel mix of US power generation is undergoing a considerable transition. Coal power has declined in the last decade as the shale gas boom made natural gas-fired generators more cost-competitive. Meanwhile, renewable electricity has seen rapid growth as well, driven by reduced costs and policy support, while nuclear is facing competitive threats. As the US power mix shifts and as more variable renewables are introduced into the system, the question of smoothly and cost-effectively connecting new generation sources to the grid will require more policy and regulatory responses in the coming years.

“Energy security remains a priority issue for the United States. The country continues to demonstrate a strong focus on reliability and resilience, recognising that it’s national and economic security depend on the reliable functioning of its energy infrastructure.”

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