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Message
re: Offshore Drilling Is Coming Back With A Bang
Posted on 8/9/22 at 7:58 am to ragincajun03
Posted on 8/9/22 at 7:58 am to ragincajun03
quote:
After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an upcycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say.
Years 2016 - 2019 were the tail end of the crash and burn cycle for offshore drilling, won't take much to improve upon the stagnant years since.
The majors exploration drilling budgets will indicate how real the drilling market uptick will become.
Hope it's true and we get back to drilling far more in the Gulf compared to the last five years, followed by field development spending on successful drilling sites.
1
Posted on 8/9/22 at 8:00 am to Mr Breeze
What people don’t realize is, that there are existing permits for years for drilling. Just because new leases aren’t given out at the moment doesn’t mean we don’t have years of work. But I do agree that we do need to explore more in the Gulf of Mexico. The last two years all I have been doing is exploratory work. So that’s a good thing.
This post was edited on 8/9/22 at 8:01 am
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