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With the rise in commodity prices and the growth in the search for new fuels around the world, Westwood is projecting a 24% increase in demand for offshore drilling rigs by the end of 2026.
The oil and gas company Westwood has great projections for the future of the offshore market globally, as there is an expectation of a 24% growth in demand for drilling rigs in the segment. The main driver of this increase is the strong rise in commodity prices and the global race for new fuel explorations to meet the sector’s needs.
Drilling Rig Market Could See a 24% Increase in Demand by the End of 2026, According to Westwood’s Projections
The increase in exploration activities for fuels across the globe is causing significant changes in the oil and natural gas market, and Westwood has favorable projections for the commercialization of offshore drilling rigs.
This is because the company projects that the number of wells drilled between 2022 and 2026 will increase significantly year over year, reaching more than 60,000 in 2026, compared to 49,600 in 2022.
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There will be a growth of more than 24% in demand for offshore drilling rigs by the end of the period highlighted by the company, a scenario that resembles the demand situation in the pre-pandemic period, according to the company.
Westwood forecasts that an average of 4,070 rigs will be operational in 2022, growing to 5,050 by the end of the forecast period, representing a significant leap compared to the current offshore fuels situation in the global market.
“Westwood’s global forecast is predominantly driven by a small number of countries such as China, GCC (Gulf Cooperation Council) countries, Russia, and the U.S., accounting for approximately 80% of the forecasted demand for platforms. China is likely to be responsible for the largest share of wells drilled and is expected to see robust levels of drilling activity, while strong demand growth is also expected from GCC countries,” commented the analysis by Westwood’s onshore services expert Todd Jensen regarding the future of the sector.
Company Also Sees Promising Future for Offshore Drilling Rig Sector in Global Fuel Market
Westwood has also made its projections regarding the future of the drilling rig market in the global scenario and sees the region of China as one of the most promising in the sector. This is due to a strong resumption of fuel exploration projects in the country.
Thus, this boost in activity could lead China to drill up to 14,200 wells in 2022, increasing year by year to 16,100 in 2026, while increasing platform utilization to 90%.
In the U.S. offshore market, Westwood expects a growth in demand for drilling rigs, as operators take advantage of high oil prices to increase their free cash flow.
The region was the world’s largest LNG exporter until the first half of 2022 and, by the end of this year, the U.S. will have added 2.4 billion cubic feet per day in fuel production capacity.
Thus, the offshore drilling sector is becoming increasingly promising and Westwood expects to leverage this growth moment to boost its work in the fuel market worldwide.
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