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A 13% plunge in the overall U.S. land-rig count in 2012 isn't bad news for drillers, contractors...

A 13% plunge in the overall U.S. land-rig count in 2012 isn't bad news for drillers, contractors and the oil industry, Platts writes, as technological improvements allow operators to do more work with fewer rigs. Output is rising in places like North Dakota, Texas and Oklahoma even as the number of rigs slips; improved drilling efficiency has caused rig-count comparisons to become less meaningful.
Comments (3)
  • Bigfloridafish
    , contributor
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    Exactingly correct, wells being drilled in 20 days is remarkable and pads with multiple sites and zones the technology in the oil boom is a boom inside a boom.
    4 Jan 2013, 07:49 PM Reply Like
  • davidbdc
    , contributor
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    And the reduction is needed. With technology allowing for more NG and oil from each well we already have too much NG floating around.

     

    Lets hope these numbers remain constrained until NG prices rise to $5.
    4 Jan 2013, 08:24 PM Reply Like
  • Bigfloridafish
    , contributor
    Comments (78) | Send Message
     
    Wouldn't it be just nice to be a Major exporter for a change.
    4 Jan 2013, 09:46 PM Reply Like
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