The first half of 2019 has seen continued improvements in drilling activity, driven by an oil price that has remained above $60 (Brent) a barrel since February.
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Westwood’s World Land Drilling Rig Market Forecast contains detailed country and regional analysis of the market, including onshore wells drilled, operational rigs, rigs drilling by HP category and rig utilisation.
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Following a significant rebound in 2017-2018, the outlook for growth in the global land rig market in 2019 is more subdued, driven by low growth in the high volume North American fleet. While the market in North America remains subdued following the oil price decline in Q4 2018, and is constrained by limited pipeline takeaway capacity, particularly in Canada, international fleets continue to recover. The high volume markets in Asia and the Middle East are investing significantly in midstream infrastructure. New infrastructure and relatively robust Capex budgets are providing opportunities for rigs to enter/re-enter these geographies, and in some cases begin to introduce upward pressure on dayrates.
Within the MENA region, Algeria, Iraq and the UAE are expected to be among the fastest growing markets over the next two years. The wider region has a strong outlook, despite the OPEC decision to extend the December 2018 OPEC production cuts for a further nine months until March 2020, reducing some oil drilling. Elsewhere in international markets, a renewed production growth policy initiative in China is leading to new asset deployments and construction orders in that fleet. Argentina’s Vaca Muerta has been on the international radar for some years, and is an increasingly promising market for onshore drillers.
Post-2019, Westwood expects to see more pronounced and sustained growth in rig demand, including in North America where new pipeline capacity is anticipated. In the longer-term, key opportunities for growth in the global market will come from Asia-Pacific, Latin America, and MENA.
Global Rig Fleet and Drilling Utilisation, 2019-2023
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The World Land Drilling Rig Market Forecast 2019-2023 report is presented using the rig fleet data from Westwood’s online Global Land Drilling Rig Tool, as well as the onshore drilling and production data from Westwood’s SECTORS. The report contains detailed country and regional analysis of the market, including onshore wells drilled, operational rigs, rigs drilling by HP category (0-499 HP, 500-999 HP, 1,000-1,499 HP, 1,500-1,999 HP, 2,000-2,999 HP, and 3000+ HP), and rig utilisation. Analysis is based on a ten-year view of the market, with historic data covering the period 2014-2018, and forecast data for 2019-2023.
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