Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
Now that the boom has run its inevitable course and gone bust, we asked major and independent operators what they did in 2008, and what their plans were for 2009. Predicting activity levels depends on prices-that’s nothing new. But since our surveys took place over the late November–early January timeframe, the sharp drop in December rig counts means that operators’ estimates of 2009 activity depended on what week they responded. That fact, combined with the possibility that a deep, long recession, already more than a year old, could grow into a depression with double-digit unemployment, means that this is a true “crystal ball” forecast. The old Chinese proverb “May you live in interesting times” is both a blessing and a curse, and it best describes the situation our industry finds itself in today.
Majors were surprisingly pessimistic, indicating a 26% drop this year, while independents said they expected to drill “only” 12% fewer wells in 2009. For 2008, state agencies and other data showed
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Aberdeen - December 2-3
Calgary - December 8-8
Mangaf - December 8-10
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.