North America Goes Back to Losing Rigs
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America went back to losing rigs week on week, Baker Hughes revealed in its latest rotary rig count, which was released on November 17.
Although the U.S. added two rigs week on week, Canada dropped three during the same period, leading to a total week on week rig loss of one for North America, Baker Hughes outlined. The region’s total rig count now stands at 814, comprising 618 rigs from the U.S. and 196 rigs from Canada, the count showed.
The total U.S. rig count of 618 is made up of 597 land rigs, 19 offshore rigs, and two inland water rigs, according to Baker Hughes, which showed that the country has 500 oil rigs, 114 gas rigs, and four miscellaneous rigs. Week on week, the U.S. had two more land rigs, the count highlighted. The country’s oil rig count grew by six week on week, although its gas rig count dropped by four and its miscellaneous rig count stayed flat during the same period, the count revealed.
Colorado, New Mexico, and North Dakota each added two rigs, Louisiana added one rig, Wyoming dropped two rigs, and Ohio and Utah each dropped one rig week on week, the count showed.
Canada’s total rig count of 196 comprises 123 oil rigs and 73 gas rigs, according to Baker Hughes, which revealed that the country’s oil rig count dropped by two week on week and its gas rig count dropped by one during the same time frame.
Baker Hughes’ latest rig count outlined that North America is down 169 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 164 rigs during the period while Canada dropped five rigs. The U.S. has cut 123 oil rigs and 43 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped 12 oil rigs and added seven gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on November 10, Baker Hughes revealed that North America added one rig week on week. Although the U.S. dropped two rigs week on week, Canada added three in the same timeframe, that count outlined.
“The U.S. oil rig count fell for the second consecutive week according to the latest Baker-Hughes survey, losing two to a 21-month low of 494 rigs, which brought the year on year decline to 128 rigs (20.6 percent),” analysts at Standard Chartered stated in a report sent to Rigzone on November 14, referring to Baker Hughes’ November 10 rig count.
“Activity increased in only three areas; the oil rig count gained one to four in Oklahoma’s NW Cana, while in the Permian Basin there were single-rig increases to 97 rigs in the New Mexico part of the Delaware Basin and to 111 in the Midland Basin,” they added.
“Elsewhere in the Permian Basin, the oil rig count in the Texas part of the Delaware Basin fell by two to 73 rigs, while other Permian activity was unchanged at 22 rigs,” they continued.
Baker Hughes’ November 3 count revealed that North America dropped seven rigs week on week and its October 27 rig count showed that North America cut one rig week on week.
The company’s October 20 count revealed that North America added seven rigs week on week and its October 13 count revealed that the region stopped a streak of rig losses and added a total of 16 rigs week on week.
Baker Hughes’ October 6 rig count highlighted that North America cut 15 rigs week on week, its September 29 rig count showed that North America dropped six rigs week on week, and its September 22 count revealed that North America went back to losing rigs week on week. Baker Hughes’ September 15 count showed that North America had broken a string of consecutive weekly rig losses.
The company’s September 8 count revealed that North America’s rig count dropped by four week on week, its September 1 count showed that North America cut four rigs week on week, its August 25 count showed that North America dropped nine rigs week on week, and its August 18 count showed that the region cut 13 rigs week on week. Baker Hughes’ August 11 count showed that North America dropped three rigs week on week and its August 4 count showed that North America dropped 10 rigs week on week.
Baker Hughes’ July 28 count revealed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. The company’s July 7 count highlighted that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.
Prior to the rig count released on June 30, North America had been on a streak of rig additions. The company’s June 23 count outlined that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 rigs week on week.
Baker Hughes, which has issued the rotary rig counts to the petroleum industry since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers. The company obtains its working rig location information in part from Enverus.
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas