land rig

Oil & Gas

Oil price slide hits land-rig orders in North America

While debate rages as to whether Opec’s decision not to defend the oil price is aimed at the fast growing US shale-derived gas and oil industries, two North American companies, both headquartered in Calgary, have put the brakes on further land-rig construction. Ensign Energy Services is “pausing” plans to build 17 new high-tech drilling rigs, despite the fact that winter is traditionally the busiest season for exploration and development in Canada. Precision Drilling now plans to “idle” rig-building activity once it has completed delivery of 16 previously announced rigs.