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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: articwarrior who wrote (52843)	10/12/1999 10:52:00 AM
From: ChanceIs	Respond to of 95453

Y2K Gas Drilling Up 20% - Go PTEN From the Houston Chronicle: The report indicates that, pushed by a strong gas market, drilling activity next year in the US and Canada will increase 20% and 35%, respectively; however, drilling activity outside North America is expected to increase only 6%. The recent improvement in oil prices has brought some deferred international oilfield development projects back into consideration. Still, major international operators are unlikely to undertake ambitious spending programs; they remain cautious of the nearly six million bpd of shut-in production that threatens the longer-term price stability of oil. In this environment, the report indicates that equipment and services used in the drilling and completion process - bits, mud, rig time, logs, etc. - are expected to see an increase in demand of more than 15% in the coming year. More modest increases are expected in those market segments linked to the maintenance of existing wells. On the other hand, further weakness is expected next year in the geophysical market, due to the caution about longer-term oil prices. A recovery in offshore construction is expected to be delayed until well into 2000 as operators slowly go about ramping up field development projects. chron.com