US drilling pace to escalate from 20-year high in 2005

01/16/2006
Drillers pulled out the stops in 2005 as the year-average rotary rig counts in the US and Texas were the highest in 20 years.With oil and gas prices soaring, 2006 should be another good year. However, a duplication of 2005’s 16% gain from the 2004 rig count is not likely. Click here to enlarge imageLand and offshore rig counts in Canada were flat compared with 2004 and 2003, while figures for the rest of the world showed a 15% year-to-year gain in 2005 compared with 2004 even though the number of active rigs was steady year to year in Africa and Europe.Here are highlights of OGJ’s early-year drilling forecast for 2006:• Operators will drill nearly 43,000 wells in the U...
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