OFM Houston 2015: Oil and gas industry will take longer than anticipated to recover
Published: Tuesday, 23 June 2015
According to Baker Hughes, the continuing rig count decline indicates that predictions for an end of 2015 market recovery may be over optimistic. However, with 90% of all wells requiring a weighting agent, the importance of barite in the market cannot be overstated, which is one reason prices have confounded expectations and held steady.
Despite the predictions by some oilfield minerals producers
that the oil and gas markets could see a turnaround before the
end of the year, the industry could take far longer to bounce
back, delegates at the 2015 Oilfield Minerals Conference in
Houston, US, heard today.
Jim Vernon, director of fluids supply...