North American drilling to increase in 2004

12/01/2003
Banc of America Securities analysts last month pointed out a disturbing trend—natural gas production added per year, per rig in the continental US has been declining since 2000. This conclusion was among data presented in the 2004 Natural Gas Price Outlook and E&P Sector Update conference call, held Oct. 22, 2003. In 2000, the production added was about 22 million cu ft equivalent (MMcfe)/rig, and it fell to about 18 MMcfe/rig by 2002. The analysts predict a further drop to slightly more than 17 MMcfe/rig for 2004.North American drillingHouston-based James K. Wicklund, a Banc of America Securities analyst, anticipated an 11% increase in North American drilling in 2004. Despite incre...
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