Drilling Oil & Gas Wells NAICS 213111

Feb 23, 2026 - Growing Opportunity Overseas

• US shale producers are expanding overseas as domestic shale basins mature and well productivity, especially in the Permian Basin, declines, OilPrice.com reports. To sustain long‑term output, frackers are seeking new international acreage in Argentina, Turkey, Australia, and the Middle East. This global push creates fresh demand for US drilling expertise, stimulation equipment, and advanced fracking technologies, opening new contract opportunities for drilling and well‑service companies. Large unconventional plays such as Vaca Muerta, Australia’s Beetaloo Basin, and emerging Middle Eastern shale fields require extensive horizontal drilling, completions, and field development, effectively exporting the US shale services model abroad. For drilling firms, this means expanding markets but also rising competition and logistical complexity. With top‑tier US inventory shrinking and oil demand expected to grow through 2050, international shale development is becoming essential, positioning well drilling firms to benefit from a new wave of global unconventional projects.
• President Trump has unveiled a draft plan to dramatically expand offshore oil and gas drilling, proposing as many as 34 lease sales across 21 regions, including California, the Gulf of Mexico, Alaska, and the Arctic, S&P Global reported in November. Trump’s reversal of prior restrictions could unlock billions of barrels of federal offshore reserves, boosting long-term production capacity. Oil industry groups broadly praised the move, framing it as essential to restoring US energy dominance, lowering costs, and creating jobs. For producers, the plan offers greater access to high-potential, previously off-limits areas, raising the prospect of higher output and capital investment. However, the administration’s move to drill in environmentally-sensitive areas is expected to face strong political pushback from environmentalists and coastal states. California Attorney General Rob Bonta said his office fully opposes the plan.

• The Trump administration has moved to open 23 million acres of Alaskan Wilderness to drilling by repealing protections imposed by the Biden administration, The New York Times reports. Interior Secretary Doug Burgum said the previous administration exceeded its authority when it banned oil and gas drilling in the area known as the National Petroleum Reserve-Alaska. The petroleum reserve, established over a century ago as an energy warehouse for the US Navy, is estimated to contain more than 8 billion barrels of recoverable oil. The Bureau of Land Management has released a draft environmental assessment to propose reopening up to 82% of the reserve to oil and gas leasing and exploration and development. The proposal comes partly in response to Trump’s January executive order, “Unleashing Alaska’s Extraordinary Resource Potential," the Interior statement said. The area is home to ConocoPhillips’ Willow oil field, approved under Biden.
• Producer prices for drilling oil and gas wells services firms fell 1.5% in November compared to a year ago, after falling 1.2% in the previous November-versus-November annual comparison, according to the latest US Bureau of Labor Statistics data. Despite the recent decline, industry producer prices remain near historical highs. Employment by the industry grew 7% year over year in November, while the average industry wage for support activities for oil and gas operations rose 3.8% over the same period to $35.94 per hour, easing from its high in March, BLS data show. In November, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged $58.58, down from $72.53 in January. Low crude prices are a disincentive for drilling activity.