UK’s Douglas-Westwood, an energy business strategy, research and commercial due-diligence services provider, discusses “Oil Price Downturn to have Significant Impact on North American Land Rig Market in 2015 with International Market More Resilient” in its latest edition of DW Monday. The recent oil price downturn is expected to have a significant impact on the global land rig market in 2015, as operators announce planned cuts to expenditure. Following a 24 percent rise over the 2010-2014 period, the number of active drilling rigs is expected to fall 12 percent in 2015. The North American market, which is particularly susceptible to fluctuations in commodity prices, is expected to see the largest impact, with the active drilling rig fleet forecast to decline by 29 percent. Notably, Apache Corporation has announced plans to cut spending on its North American assets by 26 percent in 2015. In comparison, the impact of the oil price […]