Operators spending more freely, increasing demand for rigs

03/21/2005
Operators will increase worldwide investment by at least 6% in 2005 and compete for the dwindling supply of rigs.At the Association for the Study of Peak Oil and Gas (ASPO) conference in Berlin, May 25-26, 2004, Matthew Simmons, CEO of Houston-based Simmons and Co. International, said that not having enough rigs or infrastructure is one of the continuing mistakes made by the energy industry over decades.1Investment in newbuild rigs is still proceeding cautiously, perhaps tempered by fears that the market may still crash if a few weeks of warm winter weather depresses petroleum prices. Even as new rigs are built, the fleet is aging and old rigs are being scrapped. Utilization rates are ris...
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