First half drilling on uptrend in most areas of the world

The world has been basking in what could be called a drilling boom in the first half of 2005 compared with the same period of 2004.OGJ forecasts that operators could drill more than 40,000 wells in the US for the full year, which would be a 20-year high. Click here to enlarge imageStrong year-to-year gains in the Western Hemisphere, led by the US and Canada, show that the industry is responding to historically high oil and gas prices (Table 1). The rig activity figures, however, show positive year-to-year comparisons in almost every area, including the Middle East, Africa, Asia-Pacific, and the Western Hemisphere excluding the US and Canada, according to Baker Hughes Inc. (Table 2). The ...

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