OGJ Newsletter

Market MovementReduced drilling fleet threatens oil, gas productionUnless the industry begins looking at bringing more rigs into the drilling fleet, continued rig deletions in the US may threaten mid to long-term production of oil and gas."Looking back on available rigs beginning 45 years ago..., the fleet has seen 2 decades of continuous decline," said John Deane, vice-president and general manager of Schlumberger Drill Bits, at the IADC annual meeting last week. Data presented at the conference from the 48th annual Reed-Hycalog rig census show the US rig fleet netted a loss of 8 rigs in the preceding 12 months covered by the census. Click here to enlarge image"This year's count cam...

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