International: Worldwide drilling ///

Global E&P statistics are often a collection of enigmas, and 2003 was no exception. Normally, the 44,220 wells drilled outside the US would be considered a good effort, but tell that to drilling contractors and service companies. These firms have complained loudly and long that oil companies, both majors and larger independents, are still forcing them to charge only bare-bones prices for equipment and services, thereby cutting them out of larger profits normally expected. They also complain that operators have under-spent their budgets relative to oil and gas prices, and are not replacing reserves adequately.

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