The Cost Of Drilling Continues To Rise

1. Price of Drilling Continues to Edge Higher Despite Cheaper Raw Materials- According to IHS Markit, the average cost of developing upstream oil and gas assets rose by another 1.8% in Q3 2022 as high industry activity is squeezing availability. - Most of the drilling appreciation came from the land and offshore rig markets, up by 11% and 12%, respectively, with land rig prices ballooning throughout most of this year. - Whilst steel prices have decreased globally recently, pipe prices have barely fallen as steel mills are attempting to hold onto…