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IADC: Global Leadership, Global Challenges

From the President: As drilling contractors’ association, IADC will focus on listening to, responding to members’ needs

JasonMcFarland

These are trying times for our industry. Last year was a difficult year, and this year’s forecast is equally as challenging. We have seen the effects of the depressed market reflected in the reduction of rig counts and companies who have shuttered their operations. People are comparing this downturn to the one of the mid-1980s, a time we all hoped never to revisit.

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Critical issues in drilling & completions

DC-DefaultGraphics-D&C-News

It’s a tough time to be in the drilling business. We always knew this was a cyclical industry, yet the consistently high oil prices over the past decade – save for the 2008-09 economic blip – had shoved any thoughts of a real market collapse far into the back of our minds. Initial optimism that there would be a quick recovery to this cycle has also waned, with many adopting the attitude of “lower for longer.” For most companies, the focus has shifted considerably toward cost reduction. Operators are cutting back on exploration and zeroing in on core assets, and drilling contractors are faced with significantly lower dayrates and the difficult decisions of warm stacking, cold stacking or even decommission

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2016 Chairman: IADC to sustain engagement with public, regulators

In recent years, Rowan has expanded into the ultra-deepwater sector with the construction of four state-of-the-art drillships, including the  Rowan Resolute.

When someone graduates with a DPhil (PhD) from the University of Oxford, a typical career choice might be to go into academia, or perhaps a research institute. But Tom Burke is not a typical guy making typical career choices. Instead of following such traditional paths, he decided to go offshore and work on drilling rigs. He didn’t have family in the business, and the year was 1994 – a difficult time in the drilling industry.

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Safety goes hand in hand with performance, must remain top priority even in difficult market

GaryJones

Gary Jones is Head of Global Wells Organization of BP. What do you see as the most critical challenges facing the upstream oil and gas industry right now? The number one priority is to keep improving safety. It’s a very difficult economic environment right now, but we find that the same factors that contribute to strong safety performance also lead to strong performance in all aspects. We need to think about how we can work smarter together to take out waste from the system. We also need to think about how to encourage new talent to come into the industry w

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Shale won’t replace deepwater, but offshore industry must reengineer value chain to reach economic parity with onshore

Chris Beckett, CEO, Pacific Drilling

We noticed signs of weakness and a relative lack of contract availability as early as Q2 or Q3 of 2014. The ultra deepwater-focused companies were already considering how deepwater economics were challenged at $75-$80 per barrel price. As a result, we had seen a lot of our clients take a pause in exploration activity, but obviously, it’s gotten worse since 2014.

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