Baker Hughes expects slower rate in rig count growth

Baker Hughes expects slower rate in rig count growth

BAKU, Azerbaijan, Feb.19

By Leman Zeynalova – Trend:

The US-based Baker Hughes expects slower rate in its rig count growth in 2020, Trend reports citing the company.

“International onshore activity: we have seen a moderate increase in rig count activity in 2019 and expect growth to continue into 2020, albeit at a slower rate. We expect most of the growth to come from Middle East, Latin America and Europe,” said the company.

As for North America onshore activity, the company said in 2019, it experienced a decline in rig count, as compared to 2018 driven by lower commodity prices over the year. “We expect North American onshore activity will continue to decline in 2020. Over the long-term, we remain optimistic about the outlook.”

In offshore projects, Baker Hughes has seen stable customer activity and final investment decisions on offshore projects through 2019.

“We expect the offshore market fundamentals to support another solid year of orders with subsea tree awards in 2020 expected to remain relatively consistent with 2019. We expect to see continued growth in the flexible pipe market, following a strong orders performance in 2019,” said the company.

Baker Hughes said it remains optimistic on the LNG market.

“While currently oversupplied, we believe a significant number of final investment decisions are needed to fill the projected supply-demand imbalance. In 2019, we have seen multiple large-scale LNG projects reach a positive final investment decision. We continue to view the long-term economics of the LNG industry as positive,” said the company.

In refining, Baker Hughes believes large, complex refineries should gain advantage in a more competitive, oversupplied landscape in 2019 as the industry globalizes and refiners position to meet local demand and secure export potential. “The industrial market continues to grow as outdated infrastructure is replaced, policy changes come into effect and power is decentralized. We continue to see growing demand across these markets in 2020.”

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Follow the author on Twitter:@Lyaman_Zeyn

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