Rig use in Southeast Asia set to fall 18%

THE DRILL rig market in Southeast Asia will fall around 18% as explorers and producers, big and small, across the region cut their capital expenditure budgets, according to research firm Rystad Energy.

Rig use in Southeast Asia set to fall 18% Rig use in Southeast Asia set to fall 18% Rig use in Southeast Asia set to fall 18% Rig use in Southeast Asia set to fall 18% Rig use in Southeast Asia set to fall 18%

Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline.

 

Announcements from junior, midcap and major explorers cutting spending have been fast flowing over the past month, as the oil price crashed to the mid-US$20s on the back of the last OPEC+