North America Adds More 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 added rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on March 1.
The U.S. added three rigs week on week, while Canada’s count remained unchanged during the same period, taking the total North America rig count up to 860, comprising 629 rigs from the U.S. and 231 rigs from Canada, the count outlined.
Of the total U.S. rig count of 629, 608 are land rigs and 21 are offshore rigs, Baker Hughes revealed. The country has 506 oil rigs, 119 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which highlighted that the U.S. contains 561 horizontal rigs, 52 directional rigs, and 16 vertical rigs.
Week on week, the U.S. added two land rigs and one offshore rig, while its oil rig count increased by three, its miscellaneous rig count increased by one, and its gas rig count dropped by one, and while its directional rig count grew by two and its horizontal rig count increased by one, Baker Hughes revealed.
Alaska added two rigs week on week, and New Mexico, Oklahoma, and West Virginia each added one rig during the same time frame, the count showed. Texas dropped two rigs week on week, the count highlighted.
Of Canada’s total rig count of 231, 144 are categorized as oil rigs and 87 are categorized as gas rigs. Canada added three oil rigs and dropped three gas rigs week on week, Baker Hughes outlined.
The total North America rig count is down 135 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 120 rigs during the period while Canada cut 15 rigs. The U.S. has cut 86 oil rigs and 35 gas rigs, and added one miscellaneous rig, year on year, while Canada has dropped 14 oil rigs and one gas rig year on year, the rig count revealed.
In its previous count, which was released on February 23, Baker Hughes showed that North America added two rigs week on week. The U.S. added five rigs week on week, while Canada dropped three during the same period, that count outlined.
“The U.S. oil rig count rose by six week on week to 505 according to the latest Baker-Hughes survey, keeping it within the 494-505 range it has held for 22 weeks but breaking the run of six weeks becalmed in the 497-499 range,” analysts at Standard Chartered said in a report sent to Rigzone on February 27, referring to Baker Hughes’ February 23 rig count.
In its February 16 count, Baker Hughes showed that North America’s rig count remained unchanged week on week. The U.S. dropped two rigs and Canada added two rigs during the period, that count showed.
Baker Hughes’ February 9 rig count showed 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 and its January 12 count showed that North America increased its rig count by 86 rigs week on week.
Baker Hughes’ January 5 rig count, which marked the company’s first rotary rig count of 2024, highlighted 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