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Drilling Fleet Seen Doubling This Decade to Meet Demand

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May 31 (Bloomberg) -- Energy producers will need to increase capital spending and double the fleet of drill rigs to meet energy demand this decade, according to consultant Rystad Energy AS.

Spending on oil and gas exploration and production will rise 50 percent in the next five years as fuel consumption grows with the global economy, Jarand Rystad, managing partner at the consultant, said at the Marine Money Norway Ship & Offshore Finance Forum in Oslo today. The fleet of floating drilling rigs will need to double to 500 units by 2020, he said.

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net

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