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. The market experienced a recovery over 2016-2018, following the implementation of voluntary production cuts by OPEC+ member states to support the oil price, and subsequent return of investor confidence in US shales and recovery in the US rig count from mid-2016.
The report presents the Westwood outlook for the global land drilling rig market over the 2020-2024 period, with a focus on addressing the following key questions:
- How does the forecast for the market look, in terms of the volume of rigs drilling and rig utilisation, when you compare it across different regions and countries? Specifically, which regions and countries are likely to drive demand for rigs in the coming years, and why is this the case?
- What factors are driving demand for rigs within specific countries or regions – key basins, plays, and E&P companies?
- Given the current volatile market conditions in the wake of the Covid-19 pandemic and severe decline in oil prices, what is the uncertainty in the market outlook, and how could different oil price scenarios impact the market? As referenced below, Westwood’s outlook in this report incorporates three different oil price scenarios: a Base Case, Low Case, and High Case scenario.
- What does the competitive landscape look like within specific markets – who are the key rig contractors present and how does the size and horsepower distribution of their fleet vary?
- Which companies are the largest equipment providers for rigs within a given region?
Global Onshore Rigs Drilling, 2014-2020
1.1 Macro Indicators
1.2 Industry Review
2.1 Drilling & Production Methodology
2.2 Onshore Rig Demand Methodology
2.3 Differing Rig Counts
3. Macro Drivers
3.1 Brent Oil Price Westwood Scenarios
3.2E&P Capex 2020 Revisions (Select E&P Operators)
3.3 Economic & Political Considerations
4. Rig Equipment Landscape
4.1 Key Rig Components: Leading Manufacturers
4.2 Regional Manufacturer Ranking
5. Global Analysis
5.1 Global Outlook
5.2 Regional Rig Fleets
6. Asia-Pacific Analysis
6.1 Asia-Pacific Rig Supply and Demand
6.2 Asia-Pacific Identified Rigs
7. Eastern Europe & FSU Analysis
7.1 Eastern Europe Rig Supply and Demand
7.2 Eastern Europe & FSU Identified Rigs
8. Latin America Analysis
8.1 Latin America Supply and Demand
8.2 Latin America Identified Rigs
9. MENA Analysis
9.1 MENA Rig Supply and Demand
9.2 MENA Identified Rigs
9.9 Saudi Arabia
9.10 United Arab Emirates
10. North America Analysis
10.1 North America Rig Supply and Demand
10.2 North America Identified Rigs
11. Sub-Saharan Analysis
11.1 Sub-Saharan Rig Supply and Demand
11.2 Sub-Saharan Identified Rigs
12. Western Europe Analysis
12.1 Western Europe Rig Supply and Demand
12.2 Western Europe Identified Rigs
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