Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
Outlook for 2009
It’s the beginning of a new year, a time usually reserved for fresh-faced optimism in the drilling industry as new budgets come into place and schedules are being revised to reflect lofty plans. This year, however, there seems to be a sense of impending doom as drillers tremble in abject fear of oil prices remaining at artificially low levels brought on by sagging economies worldwide. The question is: Are such fears justified?
A couple of years ago I used the “B” word (boom) in this column to the consternation of many. Now, those same pundits are saying that the “R” word (recession) is more appropriate - to which I say “hogwash.”
It’s true that rig activity levels were down in December, 12% from the September peak (and 2% from the same time last year - gasp!), according to the Baker Hughes survey at the time of this writing. I suspect that will remain about the level of activity in the coming year compared to peak levels in 2008. Others, however, predict that over 1,000 rigs
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.