Collaboration leads to rig advances

摘要

The first system for fully automatic tripping is the result of the joint effort between a drilling rig manufacturer and an integrated operator. The negative general trend of the past two years of the oil price has put a considerable strain on the upstream side of the oil and gas industry, generating a Darwinist market consolidation. E&P investments fell by 30% in 2015 and will reveal similar numbers in 2016, posing some serious doubts on the structure of the existing business model. The overall drilling rig count is down, though it is growing at a slow pace, counterbalancing the industry's overreaction to the downturn. The volatility of the oil price could endure indefinitely since there is no clear model that indicates a consistent positive pattern despite an overall growth in oil demand.