North America will lead an onshore drilling recovery over the next few years, with a total of $1.6 trillion being spent on drilling and well services, 76% onshore, according to Westwood Global Energy Group May 18.
Demand for oilfield equipment could slow down through the early years of the next decade before it recovers, the press release said, partly because of oversupply of equipment.
The newbuild offshore rig market--jackups, semisubmersibles and drillships--may decline from a peak of $24 billion in 2013 to just $4.2 billion by 2023.
Offshore maintenance, modifications and operations is the sector that seems most promising in terms of growth rates, Westwood Group said--a sustained recovery in spending is likely through 2023.
The latest data comes from Sectors, WGEG’s online analytics provider.
Recommended Reading
Enverus Names Manuj Nikhanj as New CEO
2024-05-29 - Enverus President Manuj Nikhanj will take over as CEO of the top energy analytics firm on July 1, succeeding Jeff Hughes, who will continue as executive chairman.
Fear Not, the Robots Have Reached Oil and Gas
2024-05-21 - Wood’s Iris Edge and ENVision software provide a new and more accurate way to not only discover emissions leaks, but also manage them.
Quantum Capital’s View on AI: Lots of Benefits, Pain Points
2024-05-16 - The energy industry is lagging in the race to implement AI, but Sebastian Gass, CTO of Quantum Capital Group, offered a few solutions during Hart Energy’s 2024 SUPER DUG Conference & Expo.
Aramco Credits Adaptability, Collaboration for Driving Innovation
2024-05-15 - Aramco’s implementation of different approaches has led to the creation and commercialization of newer products, said Max Deffenbaugh, principal scientist for Aramco, at the 2024 Offshore Technology Conference in Houston.
OTC: E&Ps Improving Operational Safety with Digitization
2024-05-13 - Artificial intelligence and the digitization of the oilfield have allowed for several improvements in keeping operators out of harm’s way, panelists said during the 2024 Offshore Technology Conference.