Global Drilling This Year Will Fall To Its Lowest Level in A Decade

The number of oil and gas Wells globally is expected to reach 55,350 this year, down 23 per cent from 71,946 in 2019, with 2,238 offshore and 53,112 onshore, according to Rystad, a Norwegian energy consultancy.

That's the lowest level since 2010.

Prior to the COVID-19 outbreak, Rystad had predicted that there would be 74,575 oil and gas Wells this year, with 2,896 offshore and 71,679 onshore.

"The number of oil and gas Wells is expected to rise to just over 61,000 by 2021 due to government travel restrictions, increased oil demand, and higher oil prices," Rystad said. By 2022, there will be just over 65,000; By the end of 2025, there will be 69,000."

North America is likely to be the most affected, with rig count in the region falling to historic lows just months after the downturn.

While a modest recovery is likely in the second half of the year, drilling activity will still be more than 50 percent lower than a year ago, Rystad said.

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