The report covers the historic period of 2014-2019, wherein the land drilling rig market was severely impacted by the reduction in drilling activity seen during the previous downturn, particularly in the North American market.
Pipeline installations to fall 19% in 2020, however, demand in Asia and Middle East to support long-term forecast.
This report analyses the results of the 124 exploration wells drilled in the 2015 - 2019 period in the UK and Norway Central and Northern North Sea basins, as well as the results to date for 2020 and the outlook for the next 18 months.
This is the eleventh edition of the State of Exploration report and it comes at a particularly difficult time. The report covers 2015-2019, the five-year period after the 2014 price crash through to 2019 when confidence was returning, drilling activity was increasing, and performance was improving on the back frontier success made over the last 10 years It was not to last.
This report analyses the results of the 124 exploration wells drilled in the 2015 - 2019 period in the UK and Norway Central and Northern North Sea basins, as well as the results to date for 2020 and the outlook for the next 18 months.
More oil and gas was discovered in stratigraphic traps than any other trap type in the last decade. Excelling in stratigraphic trap exploration is now key to top quartile exploration performance.
Westwood has investigated success rates for exploration wells which targeted the five direct hydrocarbon indicators (DHIs) most commonly reported by companies pre-drill.
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