Drilling developments ///

Forecasting wells to be drilled this year has not been fun. Everyone thinks more rigs will be working, but no one expects anything close to a boom. It is amazing to look at the plots of US onshore drilling rigs working in 2001 and 2002. From a peak of over 1,250 in July 2001, the bottom fell out, to 750, in only nine months, and the recovery has been minimal; some 400 of those 1,250 rigs are still stacked. The international rig count, conversely, behaved as it has for three years: peaking in the first quarter, dropping in the second quarter, then moving back up significantly. These curves are shown in the Industry at a glance feature.

Log in to view this article.

Not yet a subscriber?  Find out more and subscribe today! 

Already a subscriber but don’t have an online account? Contact our customer service.



*Access will be granted the next business day.