A Rystad Energy analysis projects the number of oil and gas wells drilled globally will approach 55,350 this year. A Rystad Energy analysis projects the number of oil and gas wells drilled globally will approach 55,350 this year, the lowest annual figure since at least the turn of the 21 st century. According to the consultancy, the 2020 projection represents a 23-percent decline from the 71,946 wells drilled last year. Before the COVID-19 pandemic, the firm had predicted that 74,575 wells (71,679 onshore and 2,896 onshore) would be drilled this year. “Both new wells and drilling lengths will be pared down as E&Ps scale down investments, affecting the entire supply chain associated with these services,” Reza Hassan Kazmi, energy services analyst with Rystad, commented in a written statement emailed to Rigzone. “This includes drilling tools, which will decline by 35 percent in 2020 compared to 2019.” Rystad pointed out […]