Domestic Rig Use Soars: Rotary oil and...
From Times Staff and Wire Reports
Domestic Rig Use Soars: Rotary oil and gas rig use in the United States increased to 72%, the highest level since 1981, but fewer rigs are available to drill exploratory and development wells, a rig maker said. Reed Tool Co.’s rotary rig census showed that utilization was up 15% from the 1989 rate of 57%. The utilization rate is an indication of the balance between rig supply and demand. The substantial increase in rig activity suggests that contractors can expect higher drilling rates and increasing availability of investment capital to expand businesses, Reed President Roy Caldwell said.
