An uptick in drilling activity in the United States and globally was registered for the first time this August after a sharp contraction caught by the energy sector in light of the COVID-19 pandemic and low prices
MOSCOW (Pakistan Point News / Sputnik - 22nd September, 2020) An uptick in drilling activity in the United States and globally was registered for the first time this August after a sharp contraction caught by the energy sector in light of the COVID-19 pandemic and low prices, Elena Akoltseva, President at Baker Hughes in Russia and the Commonwealth of Independent States, told Sputnik in an interview.
"Drilling activity dropped by more than half between February and June, before stabilizing in July as certain economies reopened. The situation was particularly challenging in the US and globally we have seen CAPEX reductions and projects deferred or mothballed. August saw the first uptick in drilling activity, marking the start of a gradual recovery," Akoltseva said.
US energy services giant Baker Hughes has been publishing rotary rig counts for over 75 years, as these figures are an indication of the state of affairs and prospects in the energy market.
Energy prices reached a historic low this April in light of the ailing demand amid the worldwide lockdown measures, driving some US shale producers out of business.
