Latin American drilling activity has increased 20 % since spring 2003, and global rig counts have reached multi-year highs. There were 285 rigs working in Latin America in April 2004, up 7 from March, acording to BHI (Baker Hughes International) monthly rig count. This is a 20 % increase from the 238 rigs working in April 2003. Offshore rigs increased to 72 in April 2004, with activity off six countries. Mexico leads the group with 38 rigs offshore, followed by Brazil (15), Venezuela (13), Trinidad (4), Ecuador, and Peru (1 each). Overall Latin American offshore rig activity is up 41 % since April 2003, when only 51 rigs were working off four countries. Land rigs increased by 3, to a total of 213 working in Latin America. Mexico is the busiest, with 74 rigs working on land, closely followed by Argentina with 70 rigs, and Venezuela a distant third with 36 rigs. Argentina added 4 land rigs, Mexico's count increased by 1, and Venezuela lost 3 since March. The land rig count in April 2004 was up 14 % from a year earlier, when 187 land rigs were active in nine Latin American countries. According to the daily industry newsletter Rigzone.com, 145 marine rigs were working off Latin America as of June 8, 2004. This included 87 rigs drilling, 9 workovers, 1 in production, 3 waiting on location, and 2 en route. An additional 5 rigs were being modified, 24 were ready-stacked, and 14 were cold-stacked. Dale Tremblay, CFO of Calgary-based Precision Drilling Corp., announced in early May that the company's first-quarter 2004 Latin American revenues were twice that of 2003. Precision operates in Mexico and Venezuela and generated 24.8 million USD in Mexico alone during the first quarter.


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    Title :

    Latin American drilling activity swells in past year


    Additional title:

    Die Jahresübersicht 2003/2004 der Bohranlagen in Lateinamerika


    Contributors:

    Published in:

    Oil and Gas Journal ; 102 , 23 ; 39-43


    Publication date :

    2004


    Size :

    5 Seiten, 2 Bilder, 2 Tabellen, 3 Quellen



    Type of media :

    Article (Journal)


    Type of material :

    Print


    Language :

    English