U.S. Oil Rig Count Rises By The Most Since Tax Day. Baker Hughes reported Friday that the active U.S. oil rig count increased by 10 to 351, the highest count since April 15. This marks the second consecutive week, and the fifth time in the past six weeks, that the weekly number of active U.S. oil rigs has risen. [Oilpro]
Iran Plans to Increase Output, Again. The country is exporting about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director of international affairs. It has regained about 80 percent of it’s prior market share. [Bloomberg]
Militants are devastating Nigeria’s oil industry. There’s a new group attacking Nigeria’s oil industry — or, at least, claiming responsibility for the attacks: the Niger Delta Avengers (NDA). The NDA started threatening attacks at the start of 2016. [The Washington Post]
Oil falls further under $50. Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs. [Reuters]
Searcher Acquires 2D Seismic Survey Offshore Mexico. “The survey has been designed to tie key exploration wells and to also establish a regional framework for the entire prospective near-shore Mexican area,” said Rachel Masters, global sales manager for Searcher. [Oilpro]
Total nets Al-Shaheen Stake. France’s Total secured the prized equity stake in Qatar’s largest oilfield in late June, defeating bids from the incumbent operator of 24 years and several other international oil company (IOC) heavyweights. [Newsbase]
Faroe Confims Brasse Discovery. Faroe completed a successful side-track appraisal well on the Brasse discovery in license PL740 in the Norwegian North Sea. [Oilpro]
Mexico’s PRI Names New Leaders. Enrique Ochoa, who heads the Federal Electricity Commission (CFE) and served a key role in development the overhauling energy reform passed in December 2013, will be the next PRI chairman, officials told Reuters. [Oilpro]
Paragon Offshore Bankruptcy Update. The remaining trial issue is whether the settlement with Noble Corp is reasonable. Term-loan lenders objecting to the plan won additional discovery… the saga continues. [Bloomberg]
OSV Market and Cash Situation. The latest round of advisory services to private equity and fund managers looking at investment opportunities in the OSV sector suggests that the headwinds facing the sector have become gale force in nature. [Splash247]
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