Technology trends, energy prices affect worldwide rig activity
The major worldwide offshore rig markets have improved slightly this year, while the onshore markets generally lagged slightly. Offshore rig utilization rates have remained strong worldwide, with some areas reaching nearly 100%. Total worldwide offshore rig (jack ups, semisubmersible, drillships, submersibles, and barges) utilization was about 86%. Offshore drilling activity is driven primarily by oil and natural gas price expectations. Natural gas prices tend to drive North American offshore drilling activity, including the shallow waters in the Gulf of Mexico. International offshore drilling activity and deepwater projects in the Gulf of Mexico are more closely tied to oil prices. The paper discusses US rig count, directional drilling activity, jack up rig demand, semisubmersibles demand, rig replacement costs, and new construction.
- OSTI ID:
- 103976
- Journal Information:
- Oil and Gas Journal, Vol. 93, Issue 39; Other Information: PBD: 25 Sep 1995
- Country of Publication:
- United States
- Language:
- English
Similar Records
Rig activity strengthening, utilization high
New rig designs waiting: advancements and innovations in technology and design persists despite slump in drilling economy