DRILLING MARKET FOCUS: Industry invests record sums in rigs, drilling campaigns

The market for offshore oil and gas drilling services continues to expand and newbuilds swell the fleets. As of May 9, more than 90% of the world’s mobile offshore drilling units were under contract, according to ODS-Petrodata.In addition to exploration wells, operators have committed large amounts of capital to drill and develop major projects around the world (see article, p. 55).Drilling expenditures are reaching record highs, but high oil prices still make it profitable to explore and to redevelop old fields, generating heavy activity for light workover rigs and coiled tubing systems.Oil price driverDemand drives prices, and prices drive drilling activity.The benchmark futures p...

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