This oil and gas, potentially, worth more than $65 bn and costing an estimated $24bn to discover, represents 40% of the volume found in high impact discoveries in the period. Where is this resource located? Why is it stranded and how big an opportunity does it represent?
Following the double whammy of the collapse in the oil price and the Covid-19 pandemic, exploration plans are being redrawn and the well count is expected to drop by as much as 35% on 2019 levels.
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.