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Global and Regional Markets

Cost-per-barrel focus propels frac advances

Adoption of dissolvable plugs grows as operators seek to eliminate drill-outs; switch to lower-cost in-basin sand also moves into high gear By Linda Hsieh, Editor & Publisher As E&P companies continue to prioritize and invest in unconventional resources, service companies are following suit, pursuing rapid development and evolution of completion technologies to meet operators’ increasing demands. In particular, longer laterals and more complex well designs are driving the adoption of dissolvable technologies, which continue to mature as companies learn how and where they should be used to achieve the best results. Frac plugs that help to improve fluid efficiency when they’re pumped downhole are also leading to reductions in water usage, an important challenge in the Eagle Ford and Permian ...

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A rising tide for offshore drillers

Cost cutting, technical innovations and better all-around efficiency position the offshore market for growth, even at lower prices By Katie Mazerov, Contributing Editor After years of market contraction and aggressive cost cutting, the global offshore oil and gas market is showing signs of an upward tick. Analysts are now projecting an increase in spending – even at oil prices considerably lower than those seen in 2014. However, as operators begin ramping up exploration and development campaigns in key basins, especially deepwater, the story looks markedly different from a decade ago. Back then, prices were well over $100/bbl, rig rates were at all-time highs, and shipyards were enjoying an unprecedented construction boom as contractors prepared for operators’ anticipated foray into complex, ...

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Land market steadies after late 2018 dip

High-spec rig market recovering well, with both rig demand and dayrates expected to remain healthy for remainder of 2019, although contractors may delay rig upgrades as cash flows tighten By Linda Hsieh, Editor & Publisher When oil prices took a sudden and surprising dip in late 2018 after what had been a relatively strong and stable year, it caught the industry off guard. It also led to a bit of panic in the industry, with worries that the price slump would lead to another market downturn in 2019. “Fortunately, it did not. It rebounded,” Chris Menefee, Senior Vice President of Business Development for Independence Contract Drilling (ICD), said. “But it still caused some uncertainty… and it couldn’t have come at ...

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