For the ninth consecutive week, the mobile offshore rig count declined in the Gulf of Mexico last week, as two more rigs were idled, according to Houston-based ODS-Petrodata Group. However, the total number of rotary rigs operating in the United States and offshore remained unchanged at 1,141, up from 1,045 for the same period a year ago, according to Baker Hughes Inc.
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Nearly all of the market points in NGI’s price survey declinedfor the second day in a row Monday amid mild weather, a fallingfutures screen and the return of some nuclear power stations. Whilepoints in the Northeast felt the sharpest declines ranging from adime to 20 cents, Chicago managed to fight off most of the bearishsentiment and registered a small drop of 2 cents.
While gas reserves in the lower-48 states declined slightly lastyear (down 519 Bcf, or 0.3%), gas discoveries shot up 27% “from avery good 1996,” to the highest level in the past decade, theEnergy Information Administration said in an advance summary of astudy titled “U.S. Crude Oil, Natural Gas, and Natural Gas LiquidsReserves 1997 Annual Report.”