North America Adds Rigs WoW
by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America added five rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was published on February 28.
The U.S. added one rig week on week, and Canada added four rigs during the same period, taking the total North America rig count up to 841, comprising 593 rigs from the U.S. and 248 rigs from Canada, the count outlined.
Of the total U.S. rig count of 593, 578 rigs are categorized as land rigs, 13 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is made up of 486 oil rigs, 102 gas rigs, and five miscellaneous rigs, according to the count, which revealed that the U.S. total comprises 533 horizontal rigs, 48 directional rigs, and 12 vertical rigs.
Week on week, the U.S. land rig count increased by two, the country’s offshore rig count decreased by one, and its inland water rig count remained unchanged, the count highlighted. The U.S. oil rig count dropped by two, its gas rig count increased by three, and its miscellaneous rig count remained unchanged, week on week, the count showed. Baker Hughes’ count revealed that the U.S. horizontal rig count increased by three week on week, while the country’s directional and vertical rig counts each decreased by one during the period.
A major state variances subcategory included in the rig count showed that, week on week, Texas added two rigs and Louisiana dropped one rig. A major basin variances subcategory included in Baker Hughes’ rig count showed that the Haynesville and Permian basins each added one rig, week on week.
Canada’s total rig count of 248 is made up of 177 oil rigs and 71 gas rigs, Baker Hughes pointed out. The country’s gas rig increased by one, its oil rig count increased by three, and miscellaneous rig counts remained unchanged, week on week, the count showed.
The total North America rig count is down 19 compared to year ago levels, according to Baker Hughes’ count, which showed that the U.S. has cut 36 rigs and Canada has added 17 rigs, year on year. The U.S. has dropped 17 gas rigs and 20 oil rigs, and added one miscellaneous rig, while Canada has added 33 oil rigs and cut 16 gas rigs, year on year, the count revealed.
In a research note sent to Rigzone by the JPM Commodities Research team on Friday, analysts at J.P. Morgan noted that “total U.S oil and gas rigs rose by one to 593 this week”.
“Oil-focused operators fell by two to 486 rigs, the first loss in over a month. Natural gas-focused rigs rose by three to 102 rigs, the largest weekly gain since October of last year,” they added.
“The rig count in the five major tight oil basins – we use the EIA basin definition – rose by one to 464 rigs … the rig count in the major tight oil basins that we track experienced a modest increase, with the Permian basin adding one rig while all other regions remained unchanged,” they continued.
In its previous rig count, which was released on February 21, Baker Hughes revealed that North America added three rigs week on week. The U.S. added four rigs week on week and Canada dropped one rig during the same period, that count outlined.
Baker Hughes’ February 14 rig count showed that North America dropped two rigs week on week, its January 31 rig count showed that North America added 19 rigs week on week, its January 24 rig count revealed that North America added 12 rigs week on week, its January 17 count showed that North America added nine rigs week on week, and its January 10 rig count outlined that North America added 117 rigs week on week.
Baker Hughes’ January 3 rig count revealed that North America dropped one rig week on week, its 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 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