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Offshore, rigs appear to be slowly exiting the US Gulf of Mexico, though not in a mass exodus, for greener waters offshore India, the Middle East and Southeast Asia. On land, there appears to be slower growth of coalbed methane wells.
In general, we saw indications of decreased rig efficiency scattered throughout the country as we analyzed the data on a state and district level, but is was most apparent in Texas. We cannot be certain, but this might be explainable by a slight deepening in average well depth, combined with newly created crews and the occasional old oil-technology rig.
The run-up in rigs was steep last year—a 19.4% year-to year average that greatly exceed our 12% forecast. This year, we are predicting a modest 6.9% increase, but that will likely be achieved by February of this year.
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Houston, TX - November 4-5
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