Industry at a glance
Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment. The rig count averaged 690 units in April, up 4% from 662 counted in March. The majority of the increase was on the Texas side of the Permian basin, where operators added 17 rigs, an increase of 10%. In April, there were 4,223 DUCs in the U.S., 38% fewer than the year-ago tally of 6,857. DUCs in the Permian have plunged 57% on a y-o-y basis. International activity averaged 1,000 rigs in March, 33 less than in February.
- What's new in production: When everything is going wrong at the same time (April)
- SBM executive sees strong FPSO market on back of deepwater trend (April)
- IPAA’s annual meeting to re-visit site of association’s founding (April)
- The ESG perspective: What’s going on with CO2? (April)
- Oil and gas in the capitals: Unseen changes in the Russian oil and gas industry (April)
- First Oil: Trump administration makes a common sense move regarding offshore regulation (April)
- Subsea technology- Corrosion monitoring: From failure to success (February 2024)
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
