Increased drilling spurs industry towards recovery

Despite a brief dip in drilling activity this spring, the drilling industry remains healthy, with nearly twice the level of activity as recorded during the historic low in spring 1999 (Fig. 1). Click here to enlarge imageCommodity prices remain high and drive drilling to an extent. The spot price of UK Brent has been on a bumpy rise since $16.98/bbl in mid-November 2001, peaking at $34.18/bbl in mid-March 2003, falling, and rising again to $29.29/bbl as of Aug. 15 (Fig. 2). This rise in price coincides with the reduced crude oil production in Venezuela following the general strikes in December. Click here to enlarge imageTransocean Searcher, a Trosvik Bingo 3000 self-propelled semisubm...

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