workover rig count supplier

Dublin, May 30, 2019 (GLOBE NEWSWIRE) -- The "Global Workover Rigs Market 2019-2023" report has been added to ResearchAndMarkets.com"s offering.

The growing demand for oil and natural gas will drive the growth of the global workover rigs market during the predicted period. The global consumption of natural gas has seen a significant rise due to the increasing use of natural gas as a fuel. With the increase in the demand for oil and natural gas, companies will try to enhance oil and gas production to meet the demand.

Oil and gas companies can increase the production in two ways. One way is to drill new oil and gas wells, while another way is to increase production from existing less-producing oil and gas wells. Workover rigs are used in both cases. Therefore, the increase in the demand for oil and natural gas will spur the need for workover rigs during well E&P activities such as intervention and completion and drive the growth of the global workover rigs market during the forecast period.

The increase in oil and gas investments, as well as government support for oil and gas E&P activities, will give rise to the need for intervention and completion services. where workover rigs are required. These factors are supporting the growth of the global drilling rig count. which indicates the growth of the global workover rigs market during the forecast period.

Crude oil prices have encountered large variations over the years, which have a negative impact on the profitability and performance of upstream oil and gas companies. A large number of drilling rigs were shut down, and many employees were laid off due to the variations in global crude of prices. E&P projects are executed only when the revenue generated is high enough for upstream companies to make profits. Thus, the uncertainty and fluctuations in global crude oil prices will hamper investments in E&P projects in both onshore and offshore fields, which will, in turn, impact the global workover rigs market during the forecast period.

The market appears to be moderately fragmented. The presence of several companies including TOKAIRIKA and Valeo makes competitive environment quite intense. Factors such as the increase in global drilling rig count and the growing demand for oil and natural gas, will provide considerable growth opportunities considerable growth opportunities to workover rigs manufacturers.

Manufacturer of standard & mobile rigs & carriers for oilfield applications. Includes well servicing from 14,000 ft. to 22,000 ft., workovers from 10,000 ft. to 16,000 ft. & drilling from 6000 ft. to 10,000 ft. Specifications include brakes range from 28 in. dia. x 8 in. wide to 42 in. dia. x 12 in. wide, barrels from 12 3/4 in. x 38 in. to 18 in. x 43 in., chains from 1 1/4 in. to 1 3/4 in., clutches of 24 in. with single & 2 plate air friction outboards, shafts of 5 in. dia. to 6 1/2 in. dia. & gross weights from 63,200 lbs. to 115,000 lbs. Also includes forged steel, demountable options, mufflers with spark arrestors, dry type air cleaners, transmissions with torque converters, water splash brake cooling & up to 6 axles.

Active rigs can be moving from one location to another, waiting on equipment/weather, rigging up/down, or undergoing maintenance. Rig counts provided by other companies may use data that has been sourced differently or only report on actively operating drilling rigs, resulting in counts that may vary from those reported by IHS Markit.

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The September 23rd Baker Hughes rig count report shows the active rig count is steady. Baker Hughes reports 764 active drilling rigs in the US. One month ago, the total active rig count was 765, and one year ago, it was 521 rigs.

The oil rig count is currently 602 rigs, compared to 605 one month ago, and 421 one year ago. The gas rig count is 160, compared to 158 one month ago and 99 last September.

TCI Business Capital is a leading provider of accounts receivable factoring for oilfield service companies. Factoring is a type of financing many companies use to get immediate cash for their open receivables.

Amid the recent downturn in the oil and gas industry exploration, drilling and production companies are struggling to stay active and profitable. Currently oil futures are trading at around $45 a barrel, which is about half the price they were this time last year. Signs of relief don’t appear to be in the immediate future either. The Houston-based oilfield services company, Baker Hughes Inc., released its weekly report earlier this week which indicates the number of U.S. production rigs continues to fall, according to the investment research firm Zacks.com.

According to the report, there were 838 U.S. rigs engaged in exploration and production for the week ending September 25. This was four less than the week prior, and the lowest of such levels since January of 2003. This is approximately half the number of rigs there were last year when the total stood at 1,931.

The one area of the industry that showed positive signs was in offshore drilling operations. The number of rigs involved in offshore rose by two to a total of 33. This makes sense as approximately 30% of the total world oil production (and half the natural gas) is now done by offshore operations. Recent technological advancements now allow offshore drilling to take place 200 miles from the shore in waters over 7,500 feet deep.

Somewhat surprisingly is the report’s findings that natural gas rigs are declining as well. Procedures like hydraulically fracturing shale sites have created a burgeoning market for oil alternatives in the United States. In 2013 alone there were at least two million hydraulically fractured oil and gas wells in the U.S. and up to 95% of all new wells are done that way, according to the Department of Energy. Still, the total number of natural gas rigs dropped by one to 197.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons. The international rig count is released on the fifth working day of each month.

The North American rig count is issued as a service to the petroleum industry. In 1944 they began weekly counts of US and Canadian drilling activity.  These are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons. They are released weekly at noon Central Time on the last day of the work week.

Aug 5 (Reuters) - U.S. energy firms this week cut the number of oil rigs by the most since September as production grows incrementally because energy firms are boosting shareholder returns and facing higher operating costs due to inflationary and supply chain pressures.

The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. , ,

Gas rigs rose four to 161, their highest since August 2019, while the combined oil and gas fell by three to 764, which puts the total rig count up 273, or 56%, over this time last year, Baker Hughes said.

Even though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year.read more

The US oil and gas rig count leaped 15 to 722 on the week, energy analytics and software company Enverus said Jan. 13, as E&P operators took advantage of replenished new year capital budgets to resume a brisk pace of rig adds.

Most of the eight biggest domestic basins added a single rig for the week ended Jan. 12. That included the Permian Basin of West Texas/New Mexico, the Haynesville Shale of East Texas/Northwest Louisiana, the Eagle Ford Shale of South Texas, the SCOOP-STACK play in Oklahoma, the Marcellus Shale, largely sited in Pennsylvania and West Virginia, and the Utica Shale, mostly in Ohio.

Directionally oriented rigs drove the rig count for the week ended Jan. 12, gaining eight to 77. Horizontal rigs were sluggish on the week, climbing by just three to 571, while vertical rigs gained four to 74. But horizontal rigs drove the year"s rig adds, closing out 2021 at 563 after beginning the year at 333.

But private E&P companies accounted for most of the total rig adds for the week ended Jan. 12. Privates added 12 rigs for a total 406. In contrast, majors and large-cap independents each added just two rigs as a group – pushing up large cap independents to 120 and majors to 49.

"We are also starting to see more refrac interest in 2022 as companies look to evaluate wells from 2018 and 2019 for a possible uplift by doing either a workover, acid wash or refrac," he said.

Active well service rigs rose by 1.5% in May 2021 to reach 950 rigs, the highest total since the onset of the COVID-19 pandemic in March 2020, according to data collected by the Energy Workforce & Technology Council.

While the active well service rig count has more than doubled since a pandemic-low of 456 in April 2020, the number remains 9.2% below the February 2020 total of 1,046 rigs. In May, the sector added 19 rigs in the West Texas/Permian area, eight in the West Coast/Alaska region, and four in the Mid-Continent.

The rig utilization rate ticked up from 37% in April to 39% in May, a dramatic increase from pandemic-lows of 17% in April and May of 2020, though still below pre-pandemic norms of around 45%.

The monthly rig count, first published in 1970, is compiled from data submitted by oil and gas production and servicing companies throughout North America. Followed closely by well servicing contractors, government agencies, financial institutions, and market analysts, the report is a key indicator of oil and gas production.

Idle— A rig that’s available for work in less than 48 hours, does not require spending of more than $50,000 to activate, and does not have a crew currently assigned.

Rig Count is an interactive analysis of Baker Hughes US rotary rig counts. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

The land drilling market worldwide is structured primarily as a rental market, not a sales market, where land drilling companies lease their rigs to E&P companies for an agreed period of time – weeks, months, or years – at a day-rate. The rigs are then used to drill wells and execute the E&P’s drilling programs.

Drilling opportunities are analysed and explored in order, leaving a series of dry holes, until a discovery is made. It is rare for an E&P company to actually own the rigs which they operate, but there are some exceptions such as Chesapeake, who will purchase their own fleet of rigs.

Investors require a minimum level of return for their investment dollars in drilling operations, and typically equate cost with risk. These turnkey drilling contracts may limit risk by guaranteeing a minimum number of wells that can be drilled with the rig. The contract will also outline how the rig can be used – including the pieces of equipment, when to change pieces, temperature and pressure tolerances and the weight of mud.

Nabors operates the world’s largest land drilling rig fleet, with around 500 rigs operating in over 25 countries – in almost every significant O&G basin on the planet. It also has the largest number of high-specification rigs (including new AC rigs and refurbished SCR rigs) and custom rigs, built to withstand challenging conditions such as extreme cold, desert and many complex shale plays.

Headquartered in Tulsa, Oklahoma, H&P is a global business with land operations across the US, as well as offshore operations in the Gulf of Mexico. It is engaged primarily in the drilling of O&G wells for E&P companies, and recognised for its innovative FlexRig technology.

Patterson-UTI operates land based drilling rigs, primarily in O&G producing regions of the continental US, and western Canada. The company also provides pressure pumping services to US E&P companies and specialist technology, notably pipe handling components, to drilling contractors globally.

Precision is an oilfield services company and Canada’s largest drilling rig contractor, with over 240 rigs in operation worldwide. The Company has two segments. The Contract Drilling Services segment operates its rigs in Canada, the United States and internationally. The Completion and Production Services segment provides completion and workover services and ancillary services to O&G E&P companies in Canada and the US.

Pioneer operates a modern fleet of more than 24 top performing drilling rigs throughout onshore O&G producing regions of the US and Colombia. The company also offers production services include well servicing, wireline, and coiled tubing services – supported by 100 well-servicing rigs, and more than 100 cased-hole, open-hole and offshore wireline units.

In Texas, generally considered to be the centre of US land drilling, RigData reports that there are currently 678 active rigs – split between Helmerich & Payne (160), Patterson-UTI (85), Nabors (64), Precision Drilling (39) and 77 other drillers (330).

Most new onshore rigs, both drilling and work over rigs, are built by OEMs in China. In the US, the larger vertically integrated land drillers have in-house manufacturing operations, so they will outsource some equipment construction, but assemble the new rigs at their own facilities. The leading provider of US newbuild rigs is National Oilwell Varco.

The secondary market, where existing rigs are sold, is largely auction dominated with mostly older rigs changing hands. As a rule, the big land drillers do not sell their newbuild rigs, as each has their own flagship designs.

Baker Hughes has issued the rotary(*) rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

Baker Hughes Rig Counts are published by major newspapers and trade publications, are referred to frequently by journalists, economists, security analysts and government officials, and are included in many industry statistical reports. Because they have been compiled consistently for 60 years, Baker Hughes Rig Counts also are useful in historical analysis of the industry.

* A rotary rig rotates the drill pipe from surface to drill a new well (or sidetracking an existing one) to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies and does not include cable tool rigs, very small truck mounted rigs or rigs that can operate without a permit. Non-rotary rigs may be included in the count based on how they are employed. For example, coiled tubing and workover rigs employed in drilling new wells are included in the count.

With access to Enverus, you can identify new sales leads, plan visits to drilling rigs, determine market share, identify exploration trends, find available rigs, identify new production, monitor competitive activity or define sales territories. Our survey team talks with hundreds of specialists each week to verify our data as well as ensure it is fresh and as detailed as possible for your use.