North America Breaks Rig Loss Streak

by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas

North America added 117 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on January 10.

Although the total U.S. rig count dropped by five week on week, Canada’s total rig count increased by 122 during the same timeframe, taking the total North America rotary rig count up to 800, comprising 584 rigs from the U.S. and 216 rigs from Canada, the count outlined.

Of the total U.S. rig count of 584, 568 rigs are categorized as land rigs, 14 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 480 oil rigs, 100 gas rigs, and four miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 522 horizontal rigs, 49 directional rigs, and 13 vertical rigs.

Week on week, the U.S. offshore and inland water rig counts remained unchanged, but the country’s offshore rig count dropped by five, the count outlined. The country’s gas rig count dropped by three and its oil rig count dropped by two week on week, while its miscellaneous rig count remained unchanged week on week, the count revealed.  The U.S. directional and vertical rig counts remained unchanged week on week, and the country’s horizontal rig count dropped by five during the same timeframe, the count highlighted.

A major state variances subcategory included in the rig count showed that Texas dropped three rigs, and Colorado and Utah each dropped one rig week on week. Texas was listed as having 282 rigs in the count. That figure marked a 26 rig reduction from year ago figures, the count outlined.

A major basin variances subcategory included in Baker Hughes’ rig count showed that the Eagle Ford dropped two rigs, and the DJ-Niobrara and Marcellus basins each lost one rig week on week. The Utica basin was shown to have added one rig week on week.

Canada’s total rig count of 216 is made up of 144 oil rigs and 72 gas rigs, Baker Hughes pointed out. The country’s oil rig count increased by 100 week on week and its gas rig count rose by 22 week on week, the count showed.

The total North America rig count is down 32 compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 35 rigs and Canada has added three rigs, year on year. The U.S. has dropped 19 oil rigs and 17 gas rigs, and added one miscellaneous rig, while Canada has added 11 oil rigs and cut eight gas rigs, year on year, the count revealed.

In its previous rig count, which was published on January 3, Baker Hughes outlined that North America dropped one rig week on week. The total U.S. rig count remained unchanged week on week and Canada’s total rig count decreased by one during the same timeframe, that count showed.

Baker Hughes’ December 27 rig count showed that North America dropped 71 rigs week on week, its December 20 rig count revealed that North America lost 25 rigs week on week, its December 13 rig count revealed that North America lost three rigs week on week, and its December 6 rig count revealed that North America lost four rigs week on week. The company’s November 27 count showed that North America’s total rig count increased by three week on week.

Baker Hughes, which has issued 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 notes that working rig location information is provided in part by Enverus.

by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas