Farewell 2016, Hello 2017

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It’s fair to say it has been another challenging year squared away in the drillers pipe tally and another accented by unprecedented oil price volatility, an unlikely OPEC deal and a giant unconventional field discovery in West Texas. With crude prices the highest they’ve been all year above $53 a barrel, there’s signs to remain hopeful about 2017.

Since peaking in 2014, exploration budgets have been reduced by up to 40% globally, which raises the issue of an approaching reserves replacement cliff. Will this catalyse an upswing at the back end of 2017? Combined with a softer EIA forecast for production from 8.9 for 2016 to 8.8 million barrels per day for 2017 and the OPEC agreement, we could be in for a surprising year. 

Speculation on oil prices will bring us no closer to certainty. However, one thing we are certain about here at Rigforce HQ, is the sheer resolve in our drilling contracting community. Challenging markets, difficult decisions and tough conversations have been faced by all this year and one day in the future, we might just look back with a hint of acknowledgement, that this was a year that we all grew, but perhaps in ways that won’t be reflected on a balance sheet….

Wishing our community of drilling professionals and their families a happy and safe start to the New Year. We look forward to catching up with you all in 2017.

Happy New Year from Rigforce!

New Year 2016 is coming concept - inscription 2015 and 2016 on a beach sand, the wave is covering digits 2015

…and we’re back!

The festive season is over for another year, and we’re all rested, recharged and looking forward to another year of exciting opportunities and new challenges in the world of offshore oil and gas.

Keep an eye on our blog, Offshore On Topic, and watch this space for updates on what we’re up to in 2016.

Wishing you a busy, safe and successful year, from all the team at Rigforce.