According to RigZone, the total count of US oil rigs reached 799 which is the highest count since April 2015. Although this number has been steadily increasing for the past five weeks, the drilling industry has not seen a rig count that can compare to the peak of 2014. While the industry yearns to get back to higher rig counts, the advancement of technology has replaced the need for it.
Drilling times have been reduced by more than half compared to a decade ago with the advancement of drill bits, mud motors, drilling fluids, and pressure pumps. Drilling technologies have simply made drilling operations become much more efficient helping to save time and money. The constant need for innovation has helped drive the oil and gas industry allowing it to survive in today’s business environment. The question is, has the industry become so advanced that we have worked ourselves out of jobs? Read this article to dive deeper into the impacts of the industry becoming older and wiser.
Read the full Pipeline News Article regarding the increased performance of current technology.