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Monday, July 9, 2012
Land rig growth seen at 5%/year through 2016
Below is an part extract from http://www.ogj.com/articles/2012/06/land-rig-growth-seen-at-5year-through-2016.html
HOUSTON,
June 20 06/20/2012
By OGJ editors
Global growth in land rig demand will average 5%/year in 2012-2016, expanding the rig fleet to more than 11,000 units from the 9,700 in service today, said a worldwide study by Douglas-Westwood Ltd., Canterbury, UK.
An estimated 66% of active rig demand will come from regions outside North American by 2016, the study indicated. The growth is to be driven by the increasing volume and complexity of well requirements in order to meet global production targets.
Countries such as Kazakhstan, Mexico, and Oman are likely to witness declines, while others such as China, Colombia, Russia, Saudi Arabia, and the US are expected to see an increase in the number of rigs required.
Follow-on investments in new rig construction and the updating of current fleets (which have experienced underinvestment over the last three decades) will be necessary to meet the increased level of demand forecast for 2016, Douglas-Westwood said.
1500hp USED Land Rigs
HOUSTON,
June 20 06/20/2012
By OGJ editors
Global growth in land rig demand will average 5%/year in 2012-2016, expanding the rig fleet to more than 11,000 units from the 9,700 in service today, said a worldwide study by Douglas-Westwood Ltd., Canterbury, UK.
An estimated 66% of active rig demand will come from regions outside North American by 2016, the study indicated. The growth is to be driven by the increasing volume and complexity of well requirements in order to meet global production targets.
Countries such as Kazakhstan, Mexico, and Oman are likely to witness declines, while others such as China, Colombia, Russia, Saudi Arabia, and the US are expected to see an increase in the number of rigs required.
Follow-on investments in new rig construction and the updating of current fleets (which have experienced underinvestment over the last three decades) will be necessary to meet the increased level of demand forecast for 2016, Douglas-Westwood said.
1500hp USED Land Rigs
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