Exploration & Production

Asia Pacific rig count remains low

The number of rigs drilling for gas in the region remains in the doldrums despite oil prices creeping up The number of rigs drilling for gas in the region remains in the doldrums despite oil prices creeping up.
By Andrew Walker 18 May 2018 0 30910
Operational rigs in Asia Pacific targeting gas in April 2018.

The number of rigs targeting gas in Asia Pacific has averaged 45 over the past two years, which is down by 14 from the previous two years – when oil prices were higher. Brent oil prices hit a multi-year high of $77 per barrel this week, but any price increase will need to be sustained before the majors return to exploring frontier plays in the region. IOCs have been divesting their frontier assets and focusing their exploration efforts on lower-cost mature basins....

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