Since the oil and gas downturn of 2014 there has been significant pressure on drilling service costs, including land rig day rates. One of the most significant costs on any onshore oilfield is the cost of hiring a rig to drill the well.
At the beginning of January 2022 Brent prices were at $78 a barrel, well above the nadir of 2020 when they reached a low of $9 a barrel. What has been seen since has been well outside of most forecasts, with Brent prices breaching $100 a barrel on the 24th of February 2022.
Demand for Land Rigs expected to be c. 30% higher in 2025, from the lows of 2020, driven primarily by China, GCC countries and Russia
Westwood’s tenth edition of the ‘World Land Drilling Rig Market Forecast’ report assesses impact following estimated worst year on record for drilling
In this tenth edition of the ‘World Land Drilling Rig Market Forecast’ report, Westwood assesses the current landscape of the industry following such a catastrophic downturn and provides on the outlook future onshore rig demand.
Argentina’s Vaca Muerta to provide the cornerstone for rising rig demand in Latin America, despite economic woes
Latin America has emerged as one of the focus regions for rig demand growth over...