{"id":13447,"date":"2022-08-25T07:30:10","date_gmt":"2022-08-25T06:30:10","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/uncategorized\/world-land-drilling-rig-market-forecast-2022-2026"},"modified":"2025-03-18T14:23:27","modified_gmt":"2025-03-18T14:23:27","slug":"world-land-drilling-rig-market-forecast-2022-2026","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/reports\/world-land-drilling-rig-market-forecast-2022-2026","title":{"rendered":"World Land Drilling Rig Market Forecast 2022-2026"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][tabbed_section style=”default” tab_change_animation=”fade” alignment=”left” spacing=”default” tab_color=”Accent-Color” vs_content_animation=”fade” vs_link_animation=”opacity” vs_navigation_alignment=”left” vs_navigation_width_2=”25%” vs_navigation_func=”default” vs_navigation_width=”regular” vs_navigation_spacing=”15px” vs_navigation_mobile_display=”visible” vs_tab_spacing=”5%”][tab icon_family=”none” title=”Report Summary” id=”1742307762952-2″ tab_id=”1742307762952-3″][vc_column_text]\n

Report Summary<\/span><\/b>\u00a0<\/span><\/h2>\n

Westwood projects the number of wells drilled over the forecast period (2022-2026) to strongly increase year-on-year, reaching upwards of 60,000 in 2026, compared to c. 49,600 in 2022. Global drilling levels are expected to top 2019 drilling levels in 2024, which was not previously considered in Westwood\u2019s outlook last year. The increase in wells drilled is forecast to lead to a year-on-year growth in the number of rigs operational. Westwood estimates that 4,070 rigs on average will be operational in 2022, growing to c. 5,050 by the end of the forecast, representing an increase of 24%.<\/p>\n

This is the eleventh edition of the World Land Drilling Rig Market Forecast<\/strong> report. It has been drafted as the upstream oil and gas industry is facing commodity prices at the highest levels since 2014 following Russia\u2019s invasion of Ukraine and OPEC members sticking to quota cuts despite a surge in hydrocarbon demand. At the same time, the industry is still dealing with the effects of the commodity price crash following the Covid-19 outbreak in 2020, which have hampered pricing for most services, including land rig dayrates. Despite Westwood expecting to see a stronger increase in activity than previously forecast, operators are expected to remain wary of threats such as rapid changes in commodity pricing and the pricing of drilling materials such as drill pipe and frac sands.<\/p>\n

The report presents Westwood\u2019s in-depth outlook for the global land drilling rig market over the 2022-2026 <\/strong>period, with a focus on addressing the following key questions:<\/p>\n