US drilling climbs from biggest first quarter jump in 15 years

05/05/2003
This article introduces a biweekly update of drilling market activity and trends.Continued robust oil and natural gas prices should expand first-quarter gains in US drilling activity through the second quarter and beyond, with fresh incentives from the US government bolstering the economics of deep gas drilling in the Gulf of Mexico.Marshall Adkins, a Houston-based analyst with Raymond James & Associates Inc., St. Petersburg, Fla., reported Mar. 31 that US drilling activity had increased by 15% since the beginning of 2003 and was up 26% from the same period in 2002.Such an increase, he said, "is especially impressive, given the fact that the rig count typically declines by 10% during this...
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