US Drilling & Completion Report

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
Total Drilling & Completion Expenditure by Basin and Total Rig Count
Source: Westwood, Baker Hughes

Key Conclusions:

  • $586bn to be spent across the six basins covered over 2018-2022
  • Expenditure to grow ahead of the rig count as a function of increasing OFS intensity per well
  • 12% total expenditure CAGR expected
  • Rig count for the six basins is likely reach 945 in 2022, a 60% increase on 2017 average
  • Completions to account for 68% of total expenditure over the forecast period
  • Permian to dominate both activity and spend (44% of both wells spuds and total expenditure)
  • $107bn of upside in high oil price scenario, $76bn downside under low price scenario

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.

Visit source site


westwood global energy groupUS onshoreUnited StatesRig Count

More items from oilvoice

Petrofac Appoints Chief Digital Officer

Petrofac has appointed Fady Sleiman Chief Digital Officer as the oilfield services company continues its digital transformation. Fady joins from MENA investment company Waha Capital, where he was Chief Information Officer/Group Head of IT for the Abu Dhabi based company from 2014. Prior to that ...

OilVoice Press - OilVoice

Posted 15 hours agoPress > PetrofacAppointmentChief Digital Officer

Churchill Drilling Tools: North Sea Operator Cuts Rig Time Using Churchill Circulation Tool For Hole Cleaning and BOP Jetting

Operator saves more than six hours rig time and eliminates an extra trip in hole using dart activated DAV MX™ Circulation Sub Operator benefits from DAV MX™'s resilience and versatility through hole cleaning and BOP jetting on recent exploration well Churchill's technology to be showcased a ...

OilVoice Press - OilVoice

Posted 15 hours agoPress > North SeaChurchill DrillingDrilling +1

NPD: Delineation of the 15/3-4 (Sigrun) Oil and Gas Discovery Near the Gudrun Field in the North Sea – 15/3-11

Equinor Energy AS, operator of production licence 025, has concluded the drilling of appraisal well 15/3-11 on the 15/3-4 (Sigrun) oil and gas discovery. The well was drilled about 10 km southeast of the Gudrun field in the North Sea, and about 225 km west of Stavanger. The objective of the well ...

OilVoice Press - OilVoice

Posted 16 hours agoPress > NPDNorwayNorwegian Petroleum Directorate +11

NPD: Production Figures July 2018

Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June. Total gas sales were 10.8 billion Sm 3 (GSm 3 ), which is an increase of 1.5 GSM 3 from the previous mo ...

OilVoice Press - OilVoice

Posted 16 hours agoPress > NorwayNPDNorwegian Petroleum Directorate +6

Range Resources: Trinidad Operations Update

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to provide an update with respect of its Trinidad operations. Infrastructure upgrade programme Range is pleased to advise that it has commenced the sale ...

OilVoice Press - OilVoice

Posted 16 hours agoPress > Range ResourcesTrinidadOperations Update +3
All posts from oilvoice