Rest of world still lags North American drilling levels

Click here to enlarge imageDrilling in the US in 2000 is only slowly bouncing back from a low level in 1999.Meanwhile, Canada is likely to enjoy a robust year with increase from 1999 in both gas and oil drilling.For most of the rest of the world, first half 2000 drilling failed to keep pace with the anemic levels of first half 1999 when measured by the number of rigs at work. The only meaningful gains came in Argentina and Colombia.Wellhead revenues from the sale of US oil and gas production should come back to producers in a big way this year after two meager years. However, OGJ estimates that many companies have adopted a cautious schedule for reinvestment.After spending $18-20 billio...

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