North America Breaks Rig Loss Streak
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America added rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on April 12.
While the U.S. dropped three rigs week on week, Canada added five during the same period, leading to a total week on week addition of two rigs for the region and taking North America’s total rig count up to 758, comprising 617 rigs from the U.S. and 141 from Canada, the count outlined.
Of the total U.S. rig count of 617, 598 are categorized as land rigs and 19 are categorized as offshore rigs. The country has 506 oil rigs, 109 gas rigs, and two miscellaneous rigs, according to Baker Hughes’ count, which showed that the country has 554 horizontal rigs, 51 directional rigs, and 12 vertical rigs.
Week on week, the U.S. dropped two land rigs and one offshore rig, while its oil rig count decreased by two, its gas rig count dropped by one, and its horizontal rig count decreased by three, the count revealed.
Of Canada’s total rig count of 141, 71 are categorized as gas rigs and 70 are categorized as oil rigs. The country added five oil rigs week on week, Baker Hughes highlighted.
The total North America rig count is down 101 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 131 rigs during the period while Canada’s count increased by 30. The U.S. has cut 82 oil rigs, 48 gas rigs, and one miscellaneous rig, while Canada has added five gas rigs and 25 oil rigs, year on year, the rig count showed.
In its previous rig count, which was released on April 5, Baker Hughes showed that North America cut 16 rigs week on week. The U.S. dropped one rig week on week and Canada cut 15, that count showed.
“The U.S. oil rig count rose by two week on week to 508 according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in a report sent to Rigzone on April 9, referring to Baker Hughes’ April 5 rig count.
“The year on year decline stands at 82 rigs (13.9 percent). The horizontal oil drilling rig count (a proxy for shale oil activity) rose by a single rig to 457, taking it back to the top of the narrow 450-457 range it has occupied for the past 21 weeks,” they added.
“Within the Delaware Basin, activity in the Texas part of the basin rose by two to 70 rigs, while activity in the New Mexico part fell by two to 100 rigs. Elsewhere in the Permian Basin, the Midland Basin rig count was unchanged at 123 rigs and other Permian activity rose by two to 19 rigs,” they continued.
“The U.S. gas count declined by two to a 26-month low of 110, with activity in the Haynesville region falling by two to a 42-month low of 35 rigs,” they went on to state.
In its March 28 rig count, Baker Hughes revealed that North America cut 21 rigs week on week. Baker Hughes’ March 22 count showed that North America cut 43 rigs week on week, its March 15 count showed that North America cut 11 rigs week on week, and its March 8 rig count showed that North America cut 13 rigs week on week.
Baker Hughes’ March 1 rig count revealed that North America added three rigs week on week, its February 23 rig count showed that North America added two rigs week on week, and its February 16 count showed that North America’s rig count remained unchanged week on week.
The company’s February 9 rig count revealed that North America increased its rig count by four rigs week on week, its February 2 count showed that North America’s rig count stayed flat week on week, and its January 26 rig count showed that North America increased its rig count by eight rigs week on week.
Baker Hughes’ January 19 count revealed that North America increased its rig count by 11 rigs week on week, its January 12 rig count showed that North America increased its rig count by 86 rigs week on week, and its January 5 rig count, which marked the company’s first rotary rig count of 2024, showed that North America added 38 rigs week on week.
The company’s final rotary rig count of 2023 showed a notable week on week and year on year drop for North America. The region’s rig count decreased by 58 week on week and by 155 year on year, according to that count, which was released on December 29.
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