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IHS Markit: Pricing power for service sector could push up total well costs, curtailing US onshore recovery in 2018

Stephen Beck, Senior Director and Head of North American Oil & Gas Supply Forecasting for IHS Markit, speaks on a panel session at the 2017 IADC Drilling Onshore Conference on 18 May in Houston. Mr Beck explained that rising service costs will likely slow US onshore production in 2018, despite considerable activity ramp-up this year.

By Linda Hsieh, Managing Editor The US land rig count has doubled from its nadir last year, but land drillers must be cautious about basking in “an irrational exuberance,” Stephen Beck, Senior Director and Head of North American Oil & Gas Supply Forecasting for IHS Markit, said. Speaking at the 2017 IADC Drilling Onshore Conference on 18 May in Houston, Mr Beck noted that the industry’s excitement over increasing activity levels is overshadowing the attention that should be paid to supply impacts. “Rig count recovery has already outpaced the price of oil,” he cautioned, noting that oil prices have not grown much this year to support such an increase in the rig count. Going into the second half of 2017, ...

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NOV, Saudi Aramco announce joint venture in Saudi Arabia

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National Oilwell Varco (NOV) announced entering into a memorandum of understanding with Saudi Aramco to form a joint venture in Saudi Arabia. Through its state-of the art manufacturing and fabrication facilities and NOV’s market-leading drilling technologies, the joint venture will manufacture high-specification land rigs, rig and drilling equipment, and offer certain aftermarket services...

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US total rig count hits 901

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The US total rig count continues to climb, reaching 901 this week, according to the Baker Hughes weekly rig count. This is a 16-rig increase from last week and a 497-rig increase from one year ago. This week, US land rigs grew by 14 and offshore increased by two.

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