Severe winter weather in the Russian and Caspian geo-markets curtailed activity significantly for a three-week period in January.
More Quotes from Andrew Gould:
To put that right it's going to take several years of very hard work by the oil industry to renew the production cushion. Activity is increasing but it is not yet at its maximum point.Andrew Gould
This will result in wells that will make a substantial improvement in the recovery factor just because they are absolutely in the proper place within the reservoir for the purposes of drainage.
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I think that worldwide tenders are going to remain extremely difficult because of the influence of foreign governments, partners, etc.
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In the longer term, there are significant factors that are going to affect the operators and to a large extent the service industry.
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Will the industry outsource more? I think it depends on the client base.
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I think that in the near term the only threat to demand is some form of recession here in the United States.
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