US land drilling activity growns, offshore lags

The US rig rate increased by an "impressive" 5.9 rigs/week through most of the first 6 months of this year, said Angeline M. Sedita, vice-president of oil service equity research at Lehman Bros. Inc., New York, in a report late last month.That increase included averages of 6.6 rigs/week during first quarter 2003 and 4.9 rigs/week through June 23 in the second quarter, she said. In comparison, the US rig rate increased by an average 3.4 rigs/week through the first 6 months of 2001, said Sedita. Rig 11, belonging to Bandera Drilling Co. Inc., Abilene, Tex., is currently on a five-well program in Terry County, Tex., for Great Western Drilling Co., Midland, Tex., that is expected to last 120...

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