US drilling surge will continue into the year

05/19/2003
The upward trend in US drilling activity since the start of this year is likely to continue through the summer and boost day rates for premium offshore rigs in the second half of the year, said industry analysts."Drilling in the US continues to be much more attractive," said James L. Williams, president of WTRG Economics and publisher of Energy Economist Newsletter, despite continued "price uncertainty" and the fact that current "high prices will not hold over the life of most wells."Williams said, in a recent North American rig report, that "We expect the rate of increase in drilling activity to pick up in the coming weeks. Gas drilling activity should approach 1,000 [rigs] by the end of...
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