World Land Drilling Rig Market Forecast 2023-2027

In the latest edition of its World Land Drilling Rig Market Forecast, Westwood reports that the land drilling rig market continues to recover from the lows seen in 2020 and 2021, with demand for rigs totalling an estimated 4,559 in 2023, an increase of 4% on 2022 and 32% on the low point of 2020. Driven by an average of 51,125 wells drilled per year, Westwood forecasts that global land drilling rig demand will average 4,718 units between 2023 and 2027. This is a 6% improvement on the hindcast average of 48,000 wells drilled annually and a 14% increase in rig demand, which averaged 4,151 between 2018 and 2022.

The report presents Westwood’s in-depth outlook for the global land drilling rig market over the 2023-2027 period, with a focus on addressing the following key questions:

• What is the volume of operational rigs and rig utilisation across different regions and countries?
• What key factors are worth highlighting within specific countries or regions – basins, plays, E&P companies, national production targets?
• What is the competitive landscape within specific markets – key rig contractors, their fleet size and horsepower distribution?
• What is the range of dayrates for rig fleets in different HP categories and in different geographies?

Executive Summary

Section 1 – Introduction
1.1 Macro Market Indicators
1.1.1 Oil Prices
1.1.2 Land Rig Company Revenues
1.1.3 Energy Transition & Net Zero Ambitions
1.1.4 E&P Operator Emissions Reduction Targets

Section 2 – Global Analysis
2.1 Global Outlook
2.2 Regional Rig Fleets
2.3 Land Drilling Rig Dayrates

Section 3 – Asia Pacific Analysis
3.1 Asia Pacific Rig Supply & Demand
3.2 Asia Pacific Identified Rigs
3.3 Australia
3.4 China
3.5 India
3.6 Indonesia
3.7 Pakistan
3.8 Thailand

Section 4 – Eastern Europe & FSU Analysis
4.1 Eastern Europe & FSU Rig Supply & Demand
4.2 Eastern Europe & FSU Identified Rigs
4.3 Azerbaijan
4.4 Kazakhstan
4.5 Russia

Section 5 – Latin America Analysis
5.1 Latin America Rig Supply & Demand
5.2 Latin America Identified Rigs
5.3 Argentina
5.4 Brazil
5.5 Colombia
5.6 Ecuador
5.7 Mexico
5.8 Peru

Section 6 – MENA Analysis
6.1 MENA Rig Supply & Demand
6.2 MENA Identified Rigs
6.3 Algeria
6.4 Egypt
6.5 Iraq
6.6 Kuwait
6.7 Oman
6.8 Saudi Arabia
6.9 United Arab Emirates

Section 7 – North America Analysis
7.1 North America Rig Supply & Demand
7.2 North America Identified Rigs
7.3 Canada
7.4 USA

Section 8 – Sub-Saharan Africa Analysis
8.1 Sub-Saharan Africa Rig Supply & Demand
8.2 Sub-Saharan Africa Identified Rigs
8.3 Chad
8.4 Gabon
8.5 Nigeria

Section 9 – Western Europe Analysis
9.1 Western Europe Rig Supply & Demand
9.2 Western Europe Identified Rigs

Section 10 – Conclusions

Appendix 1 – Methodology 
A1.1 Drilling & Production Methodology
A1.2 Onshore Rig Demand Methodology
A1.3 Rig Data, Analysis & Assumptions
A1.4 Dayrate Methodology

Appendix 2 – Glossary
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