RigLogix has contacted a number of rig owners and operators and the consensus seems to be that it’s going to get worse before it gets better, especially if current conditions persist.
More oil and gas were discovered in stratigraphic traps than any other trap type in the last decade. Excelling in stratigraphic trap exploration is now the key to top quartile exploration performance.
Significant cost reductions have improved E&P cashflows and should drive increased offshore tendering activity in 2020. Pricing is expected to remain competitive, however, and contractors will need to remain focussed on profitability.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
The report focuses on Asia/Pacific new rig contract awards, outstanding and new rig requirements, rig moves, operator and drilling contractor updates, financial news, shipyard updates and other news relevant to the region.
The Energy Transition and Extinction Rebellion may have led the energy news agenda and stimulated...
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