Gulf of Mexico rig activity up, international lags

Journal Article · Mon Sep 19 04:00:00 EDT 1994 · Oil and Gas Journal; (United States)

OSTI ID:6997294

Rappold, K

Demand for jack up and semisubmersible rigs has improved in the Gulf of Mexico following a decline in activity earlier this year. International drilling activity, however, has shown slight declines in several regions. Relatively firm natural gas prices have helped buoy rig activity in North America. Rig day rates have not followed suit, mainly because of the influx of rigs from weaker international markets. Day rates in the US may not increase until international activity picks up and the world-wide drilling market tightens. Oil prices have hit almost $20/bbl, mainly because of the recent oil worker' strike in Nigeria and good demand. Natural gas prices in the US have hovered around $2.00/MMBTU, and many industry analysts expect gas prices to remain strong over the next few years. This paper gives data on drilling rig counts and crude oil and gas prices in the Gulf of Mexico and onshore.

• OSTI ID: 6997294
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 92:38; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
ATLANTIC OCEAN
CARIBBEAN SEA
COASTAL WATERS
COMPILED DATA
DATA
DRILLING
DRILLING EQUIPMENT
DRILLING RIGS
ENERGY SOURCES
EQUIPMENT
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GULF OF MEXICO
INFORMATION
INVENTORIES
NATURAL GAS
NUMERICAL DATA
OFFSHORE SITES
ONSHORE SITES
PETROLEUM
PRICES
SEAS
SURFACE WATERS
WELL DRILLING
WELLHEAD PRICES