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Lack Of Rigs For Drilling Is Killing Oil Output
Oil industry trends show a severe shortage of drilling rigs as 1977 end demands. Ed McGhee, executive vice president of the International Association of Drilling Contractors, states that more than 40 percent of U S rigs may be idle or unavailable for new contracts by year end. He notes production delays, costly leases, and difficulty attracting capital, with overall rig counts rising to about 2,700 as new and repatriated units appear. The uptick stems from new manufacture, repatriation, and component assembly, though shallow water rigs remain scarce.
MENTIONED IN THIS ARTICLE
Houston
Hank
Now
de Kembs
Ed McGhee
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International “Association “of
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U.S
United States
McGhee
Reed