Rig activity goes flat as rebound fizzles
Journal Article
·
· World Oil; (USA)
OSTI ID:7014486
Last year was definitely not the great turnaround in drilling many in the business expected. After falling an incredible 61% from the 2,429 average count of 1984 (which was seen as the beginning of a steady recovery after the horrifying crash), the average rig count has leveled off. In fact, against all statistical likelihood, 1988 saw an average improvement of one-third of one rig over 1987. According to the analysis presented in this paper, the apparent flatness of the trend is really an accidental artifact of two dissimilar courses. In 1987 the rig count started out relatively steady and then plunged to a low 754 for the month of April. A quick recovery then ensued in the fall as crude prices firmed, and December ended with rigs at the highest level since January '86. But 1988 saw a low and disappointing slide to an average of 891 in May, as Opec overproduction suffocated the plans of drillers. A small recovery in the fall raised the average to 936.8 for the year.
- OSTI ID:
- 7014486
- Journal Information:
- World Oil; (USA), Journal Name: World Oil; (USA) Vol. 208:2; ISSN 0043-8790; ISSN WOOIA
- Country of Publication:
- United States
- Language:
- English
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