DRILLING MARKET FOCUS: Industry stable in North America

12/18/2006
The drilling industry appears to be on the upside of a supercycle, keeping most rigs busy in North America.Both oil and gas prices have stopped their rapid upward climb, but rigs are still working. The total number of US oil rigs is up slightly but relatively flat over the last 5 years. The bigger story is in the number of rigs drilling for gas in the US, which has doubled in only the last 3 years.December contracts on the New York market for US crude oil benchmarks expired Nov. 17 at the lowest closing price in 17 months (OGJ Online, Nov. 20, 2006). In some areas, reduced natural gas prices have caused operators to scale back development drilling. Yet operators are proceeding with major ...
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