US rig market set for subdued year
Analysts agree there will not be any great leap forward in US shale drilling in 2023
Consultancy Wood Mackenzie anticipates US onshore rig additions to be “considerably more modest this year” compared with 2022, with roughly only 50 rigs added throughout the year. And other analysts concur the market will be more subdued. Woodmac also forecasts some extent of decline in gas rigs owing to softening prices and production nearing takeaway limits. “The bulk of those reductions will likely come in the Haynesville, especially as some private companies lay down rigs,” says Ryan Duman, the firm’s research director for the Lower 48 upstream. “We are looking for major producers to continue reiterating the same messages of exercising strict capital discipline, focusing on cash flow gen
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised