EnergyWatch

Analyst firm: light at the end of the tunnel for rig market

Recovery in the rig market is closer than ever, even though the market continues to suffer an imbalance due to oversupply of rigs, says an analysis from Westwood Global Energy Group. The Norwegian market offers hope.

Photo: Wintershall

Since the oil price collapsed in 2014, the rig market has stagnated. However, in recent months the tone from actors and observers has begun to shift. Now, there is a light at the end of the tunnel, according to a new analysis from Westwood Global Energy Group.

"Although the recovery that is often reported within the industry is not here yet, it is closer than it has ever been, and for once the sense of optimism felt throughout every segment of the industry is not just wishful thinking," writes Terry Childs, head of RigLogix, which analyses the global rig market for Westwood Global Energy Group.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Danish carbon storage can run at max from day one

TotalEnergies can't see the need to pilot carbon storage under the Harald field in the Danish North Sea. Rather, the supermajor wants to begin at full scale if the Bifrost project manifests. Although much now depends on two forthcoming events: presentation of political strategy and allocation of EUDP money.

Europe’s carbon price has almost tripled in 2021

European carbon futures rose above EUR 80 a tonne on Friday for the first time, testing the resolve of politicians who are promising to act aggressively on climate change while grappling with inflation that’s tearing into economies across the globe.

Further reading

Related articles

Latest News

See all jobs