The US onshore rigcount, at 954, is well over double the May 2016 low. Mideast drilling never really dipped (see table, MEES, 11 August and MEES, 14 July). But offshore drilling so far shows little sign of budging from record lows. Numbers from services firm Baker Hughes indicate a global offshore rig count of 230 for July, up just 12 from April’s low of 218 – too small a bounce to be sure that even a nascent rebound is underway (see chart).
Though both services companies and oil majors are confident that an uptick is just around the corner, the latter in particular are adamant that this is dependent on costs falling further. (CONTINUED - 2638 WORDS)
