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Tag Archives: rig stacking

Offshore projects safe from slowdown, for now

While low oil prices are causing rig stacking nationwide, offshore rig counts in the Gulf of Mexico are actually expected to rise this year. In many ways, the increase in drilling rigs predicted by Wood Mackenzie is no surprise. Offshore projects require extensive planning—a process which takes years—and billions of dollars in investments. These projects also produce much more oil, ...

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Top 5 Permian Basin stories of the week

Texas longhorn bulls

5. Theft, other charges filed Five people in Laredo, Texas were arrested for allegedly stealing $500,000 worth of oilfield equipment from companies operating in the Eagle Ford Shale.  To read the full story, click here.     4. Sinking oil prices point way to ‘cyclical contraction’ While the Permian Basin has witnessed crude oil prices slide since this summer, the ...

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And it begins–rig stacking

oil rig

With oil prices still decreasing, companies in the Permian Basin have begun the process of cold stacking their rigs. The term “rig stacking” consists of two different methods.  “Cold stacking,” means the releasing or stopped drilling of a rig.  “Warm stacking,” refers to temporarily take a rig off the market.  During “warm stacking” rigs still maintain basic operations and are ...

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