Does Increased Oil Drilling Rigs Count in US Indicate Rebound?

oil drilling rigs

Oil drilling rigs are very key to the oil and gas industry.

This year has seen reduced activity for the upstream industry which is dealing with the twin challenges of corona virus and the reduced demand for crude oil.

According to Enverus, the US oil and gas rig count rose by nine, to a net of 288 the week ending July 15, 2020

What are the two most common types of drilling methods?

There are two basic types of large drilling rigs. These are

  • Percussion rigs
  • Rotary rigs

Percussion rigs which give an up-and-down motion to the tools and rotary rigs which turn the drilling tools.

By far the most common type of percussion rig is the cable tool.

Rotary drilling rig consists of a set of equipment and machinery located on the so-called drilling site and normally the rig is not owned by the oil company but by drilling service companies.

The drilling company hires out the rig complete with operators and which construct the well according to the client’s specifications.

How do oil rigs stay afloat?

You might be wondering how rigs, especially in the sea or oceans stay afloat.

This is simple physics. As with oil tankers, heavy load barges and cruise ships, deep sea oil rigs float according to basic physics.

As the weight of the rig pushes downwards displaced water pushes upwards, thus keeping the structure afloat.

Oil Drilling Rigs Technologies

Oil well drilling is a complex operation.

The drilling industry engages the services of personnel and a complicated array of machinery and materials. These include oil drilling rigs.

While technology is improving and continues to play a big role in this sector, successful drilling campaign is as a result of huge team effort.

The operator and the oilfield services companies must work together to achieve the desired results.

Rotary drilling is the most efficient technology applied in the oil and gas industry.

It is a drilling technology that relies on continuous circular rotation of the bit to break rocks, while drilling fluids circulate through the bit and up the wellbore to the surface, making possible to drill safely and efficiently the well.

Conclusion

Advances in technologies used for well drilling and completion have enabled the energy industry to reach new sources of oil and natural gas to meet rising demand around the world.

New technologies have also helped reduce the environmental impact of energy production by allowing more oil and gas to be produced with fewer wells.

Advances in technologies will play a critical role in meeting global energy demand because they enable the discovery of new resources, access to harsh or remote locations and the development of challenged reservoirs that previously were not economic to produce.