The latest edition of Westwood’s World Land Drilling Rig Market Forecast 2018-2022. is now available, updated with Westwood's latest data and reflecting the outcomes of the June 22nd-23rd 2018 OPEC meetings.
The need for safe, efficient and cost-effective operations is driving the demand for high-specification rigs and upgrades of the existing fleet in North America. High-spec rigs are also in demand as a result of increased horizontal drilling in China and Russia, as well as the development of the Vaca Muerta shale play in Argentina.
Westwood expects the growth in North American drilling to drive a sustained recovery in the rig market over the next five years, with both the number of operational rigs and rigs drilling forecast to rise at a 5% CAGR through to 2022.
