North America Stretches Rig Gain 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 three rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on July 5.
According to that count, the U.S. added four rigs and Canada dropped one rig week on week, taking the total North America rig count up to 760, comprising 585 rigs from the U.S. and 175 rigs from Canada.
Of the total U.S. rig count of 585, 562 are categorized as land rigs and 23 are categorized as offshore rigs. The country has 479 oil rigs, 101 gas rigs, and five miscellaneous rigs, and its horizontal rig count stands at 517, while its directional and vertical rig counts stand at 50 and 18, respectively, the count shows.
Week on week, the U.S. added two land rigs and two offshore rigs, according to the count, which revealed that the country added four gas rigs, while its directional rig count increased by five and its horizontal rig count dropped by one, week on week. Louisiana added three rigs week on week and Texas added one, the count highlighted.
Canada’s total rig count of 175 is made up of 115 oil rigs and 60 gas rigs, the count showed. The country added one gas rig, and dropped one oil rig and one miscellaneous rig, week on week, the count outlined.
The total North America rig count is down 95 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 95 rigs during the period while Canada’s count stayed flat. The U.S. has cut 61 oil rigs and 34 gas rigs, while Canada has added four oil rigs and dropped four gas rigs, year on year, the rig count revealed.
In its previous rig count, which was released on June 28, Baker Hughes revealed that North America added three rigs week on week. That count showed that the U.S. dropped seven rigs week on week, while Canada added 10 rigs.
In a report sent to Rigzone by Standard Chartered Bank Commodities Research Head Paul Horsnell on July 2, which referred to Baker Hughes’ June 28 rig count, analysts at the bank, including Horsnell, said, “U.S. oil drilling activity declined for the sixth consecutive week according to the latest Baker-Hughes survey”.
“The oil rig count fell by six week on week to a 30-month low of 479 taking the cumulative fall since November 2022’s post-pandemic high to 148 rigs (23.6 percent). Horizontal oil drilling (a proxy for shale oil activity) fell by seven rigs week on week to 431 rigs,” they added.
“Lower drilling activity suggests to us that the nine-month long sideways move in U.S. crude oil output has significantly further to run. Within the Permian, the Delaware Basin rig count fell by two to 168, the Midland Basin rig count fell by one to 108 and other Permian activity was unchanged at 29 rigs,” they continued.
“Adding to the recession in the U.S. oil drilling sector, gas drilling fell by a single rig week on week to a three-year low of 97 rigs,” the analysts went on to state.
Baker Hughes’ June 21 rig count revealed that North America added four rigs week on week, its June 14 count showed that North America added 13 rigs week on week, its June 7 count revealed that North America added nine rigs week on week, its May 31 count showed that North America added eight rigs week on week, and its May 24 rig count highlighted that North America added two rigs week on week.
The company’s May 17 count revealed that North America dropped one rig week on week, its May 10 count showed that North America dropped six rigs week on week, and its May 3 count also showed that North America dropped six rigs week on week. The company’s April 26 count showed that North America dropped 15 rigs week on week and its April 19 count showed that North America cut 12 rigs week on week.
Baker Hughes’ April 12 count revealed that North America added two rigs week on week, and its April 5 count showed that North America cut 16 rigs week on week.
The company’s March 28 count revealed that North America dropped 21 rigs week on week, its March 22 count showed that the region cut 43 rigs week on week, its March 15 count showed that the region cut 11 rigs week on week, and its March 8 rig count showed that North America dropped 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