Oil And Gas Drilling Set For A Multi-Decade Low In 2020

The COVID-19 pandemic has stymied oil and gas activity, a phenomena which has now affected the drilling market both in terms of wells drilled and in terms of related demand for drilling equipment. A Rystad Energy analysis shows the number of drilled wells globally is expected to reach around 55,350 this year, the lowest since at least the beginning of the century. The decline is a staggering 23% fall from 2019’s number of 71,946 wells. Our forecast, which extends to 2025, does not find it likely that last year’s number will be met or…