Given the current economic conditions, there is a more modest outlook for the land drilling rig market through to 2019, says the World Land Drilling Rig Market Forecast 2015-2019 by Douglas-Westwood. “The recent decline in oil price is expected to result in a 19% drop in onshore wells drilled in 2015, with several operators having announced planned reductions in expenditure. This expected fall in drilling activity is likely to have a significant impact on rig demand, with the global operational and active rig populations forecast to decline by 11% and 12% respectively in 2015,” said the report.
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