Increased US workover-rig activity forecast

Strong oil prices and a backlog of well-maintenance jobs deferred by recent mergers and property exchanges among operators will trigger major increases in the US land workover market in 2001-02. Click here to enlarge imageSimmons & Co., a Houston investment banking firm, tracks the oil field service industry."Workover activity should increase 31% next year to 1,350 rigs-slightly below the 1997 average of 1,422-and 10% more in 2002 to 1,491 rigs," said a report compiled by Scott B. Gill, director and co-head of research for Simmons & Co. International.That prediction, issued in late October, was based on the firm's outlook of average prices of $26/bbl for oil and $3.75/Mcf for natural...

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