{"id":16994,"date":"2024-11-27T09:44:46","date_gmt":"2024-11-27T09:44:46","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=16994"},"modified":"2025-04-17T12:13:50","modified_gmt":"2025-04-17T11:13:50","slug":"global-land-rigs-newsletter-3q-2024","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/solutions\/global-land-rigs\/global-land-rigs-newsletter-3q-2024","title":{"rendered":"Global Land Rigs Newsletter – 3Q 2024"},"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” id=”#summary” advanced_gradient_angle=”0″ overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” shape_type=”” gradient_type=”default”][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”][vc_column_text]\n

Quarterly Summary<\/h2>\n[\/vc_column_text][vc_column_text]Concerns over global demand dominated the oil markets in 3Q 2024, with Brent crude prices falling from an average of US$85\/bbl in 2Q to US$80\/bbl, despite OPEC+ postponing its unwinding of the 2.2mmbpd of voluntary cuts from September 2024 to run through December 2024. Several data points out of China indicate that lagging demand has driven this, despite 3Q 2024 demand data remaining relatively robust elsewhere. These indicators of slowing demand outweighed short-term uncertainties posed by the escalating tensions between Israel and Iran in the Middle East.<\/p>\n

Merger and acquisition (M&A) activity remained robust during the quarter under review, with the headline deal for land rigs being H&P\u2019s US$2bn acquisition of KCA Deutag. Also notable this quarter were the exploration licensing awards for onshore Ghana and Ivory Coast – both countries with little to no recent onshore exploration.<\/p>\n

The geothermal sector also saw significant activity in several regions in 3Q 2024. Drilling at the Banska PGP-4 Geothermal Well in Poland resumed after a two-month hiatus caused by a slow rate of drilling and wellbore collapse. Following wellbore cementing, further drilling commenced with a new drill and modified drilling mud. Similarly, in India, the Oil and Natural Gas Corporation (ONGC) restarted drilling at the Puga Valley geothermal project after upgrading equipment and contracting an unidentified rig from Seros Drilling. This quarter also saw tender launches for geothermal exploration and drilling in Indonesia and Nicaragua.[\/vc_column_text][image_with_animation image_url=”16999″ image_size=”full” animation_type=”entrance” animation=”Fade In” animation_easing=”default” animation_movement_type=”transform_y” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][vc_column_text]\n

Identified Rig Fleet by Country
\nSource: Westwood Global Land Rigs<\/h6>\n[\/vc_column_text][vc_column_text]Westwood\u2019s identified rig fleet currently stands at 8,542 rigs globally, led by North America (29% of total), Asia (23%) and EE & FSU (21%). The HP range of the global rig fleet is split relatively evenly between 0-1499 HP (51%) and high HP (49%) \u2013 figures that are expected to begin to change in favour of the higher HP units in the coming years. Westwood\u2019s upcoming World Land Drilling Rig Market Forecast 2025-2029 will examine the outlook for demand of both categories on a global scale, highlighting the markets that are increasingly favouring high-HP units, as well as those where the viability of low HP units remain strong.[\/vc_column_text][vc_column_text]Ben Wilby
\n<\/strong>Senior Analyst, Onshore Energy Services
\n<\/strong>bwilby@westwoodenergy.com[\/vc_column_text][vc_column_text]Deborah Yamba
\n<\/strong>Research Analyst, Onshore Energy Services
\n<\/strong>dyamba@westwoodenergy.com[\/vc_column_text][divider line_type=”Full Width Line” line_thickness=”2″ divider_color=”default” custom_height=”60″][vc_column_text]\n

This is a preview of the quarterly Global Land Rigs<\/a><\/span> newsletter. For the full newsletter, which includes details on key M&A deals, drilling programmes, contractual awards and other news, please email sales@westwoodenergy.com<\/a><\/span> to discuss subscription options. Global Land Rig subscribers can access the full version via the Library<\/a><\/span>.<\/em><\/h3>\n[\/vc_column_text][divider line_type=”Full Width Line” line_thickness=”2″ divider_color=”default” custom_height=”60″][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

Concerns over global demand dominated the oil markets in 3Q 2024<\/p>\n","protected":false},"author":13,"featured_media":9442,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,731,815,327,346,48,444],"tags":[],"class_list":{"0":"post-16994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-ben-wilby","9":"category-deborah-yamba","10":"category-global-land-rigs","11":"category-international-land-rigs","12":"category-news","13":"category-onshore-energy-services"},"acf":[],"yoast_head":"\nGlobal Land Rigs Newsletter - 3Q 2024 - Westwood<\/title>\n<meta name=\"description\" content=\"Concerns over global demand dominated the oil markets in 3Q 2024, with Brent crude prices falling despite OPEC+ postponing its unwinding of voluntary cuts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.westwoodenergy.com\/solutions\/global-land-rigs\/global-land-rigs-newsletter-3q-2024\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Land Rigs Newsletter - 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