Asia offshore drilling drops

India’s offshore is the only part of Asia likely to see activity perk up in the short term, as the slump spreads

OFFSHORE activity remains lacklustre across the continent, except in India. Excluding units being built, Asia has 227 delivered drilling rigs – semi-submersibles, drill ships and jack-ups – according to consultancy IHS. About a third of that total remain idle or stacked. The downturn has hit Southeast Asia the hardest. But in India drilling rig activity remains relatively robust, with the utilisation rate running at 93%, compared with 51% in Southeast Asia. India’s biggest oil firm, state company ONGC, is driving the country’s demand for rigs; part of its effort to maintain or even boost offshore production. The recent announcement of gas-pricing reform could even restart offshore gas develo