Posted by OilVoice Press - OilVoice
Westwood Global Energy Group (Westwood) has now added a basin-by-basin outlook for the US onshore market to its report coverage, harnessing Energent Group's multi-million well database and extensive OFS insight. The US market looks set to see some of the strongest global growth rates through to 2022, both in terms of activity and expenditure.
Total Drilling & Completion Expenditure by Basin and Total Rig Count
Source: Westwood, Baker Hughes
The US onshore market has no doubt seen some very challenging conditions since 2014. According to Baker Hughes, the annual average US onshore rig count fell 72% over 2014-2016, resulting in a 69% decline in well spuds across the DJ-Niobrara, Eagle Ford, Haynesville, MidCon, Permian and Williston Basins. However, these six basins have seen a significant uplift in activity following oil prices rallying in mid-2016. A continuation of recovery into 2017 has led to rising prices across the supply chain, as spare capacity has been reduced and both drilling and completion crews have been in short supply. Based on an expectation of rising consensus commodity prices through to 2022, Westwood expects the US market to enter a period of sustained growth in both activity and expenditure.
Examining six of the key US unconventional basins and drawing from extensive data and expertise from Westwood's latest acquisition, Energent Group, the US Drilling & Completion Market Forecast is an invaluable guide to the future prospects for one of the hottest areas of global activity at present. Covering expectations both over the near-term on a quarterly basis (out to Q4 2018) and the long-term on an annual basis (out to 2022), the new report builds on a well-by-well historic platform to analyse the latest drilling & completion trends in key drivers such as measured depth, lateral lengths, stage counts and drilling days on a granular level. In addition to key activity metrics (rig count, well spuds and completions), US Drilling & Completions Market Forecast also covers expenditure across 17 key service and equipment lines, such as: casing, frac sand, pressure pumping, tubing, downhole fluids and more.
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