Worldwide drilling activity shrank by 25% in 1999

03/20/2000
WORLDWIDE REVIEW-2As with other upstream industries, the worldwide drilling industry suffered from the crude price crash of spring 1998.The crash forced operators to lower their capital expenditures in 1999, and that consequently caused a drop in the service activities equal to 20% in geophysics, 25% in drilling, and 30-45% in the construction of offshore equipment.In parallel, oil companies initiated unprecedented mergers and acquisitions to reduce costs and increase profitability. Mergers among service companies, which started 10 years ago to expand technological and geographical coverage, will continue in the months to come, namely in the fragmented sectors of drilling and offshore con...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected