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 has broken a rig loss streak and added a total of 16 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 13.
The U.S. added three rigs and Canada added 13 rigs during the period, taking the region’s total rig count up to 815, the count outlined. North America’s total rig count is made up of 622 rigs from the U.S. and 193 rigs from Canada, the count pointed out.
Of the total U.S. rig count of 622, 598 are categorized as land rigs, 22 are categorized as offshore rigs, and two are categorized as inland water rigs. The country has a total of 501 oil rigs, 117 gas rigs, and four miscellaneous rigs, Baker Hughes’ count showed.
Week on week, the U.S. added two land rigs and two offshore rigs and dropped one inland water rig, according to the count, which revealed that the country registered four more oil rigs and one less gas rig during the period.
In the count, Texas was shown to have added four rigs and Pennsylvania and Wyoming were each shown to have added one rig week on week. New Mexico was shown to have dropped two rigs and Louisiana was shown to have cut one rig week on week.
Canada’s total rig count of 193 is made up of 116 oil rigs, 76 gas rigs, and one miscellaneous rig, Baker Hughes’ rig count outlined. The country’s oil rig count increased by eight week on week, while its gas rigs count rose by four, and its miscellaneous rig count increased by one week on week, Baker Hughes revealed.
Despite the weekly increases, Baker Hughes’ latest rig count outlined that North America is still down 170 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 147 rigs during the period while Canada dropped 23 rigs. The U.S. has cut 109 oil rigs and 40 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped 34 oil rigs and added 10 gas rigs and one miscellaneous rig year on year, the rig count revealed.
In its previous rig count, which was released on October 6, Baker Hughes revealed that North America dropped 15 rigs week on week. In that rig count, Baker Hughes outlined that the U.S. cut four rigs while Canada cut 11 rigs.
“The U.S. oil rig count fell by five week on week to an 18-month low of 497 rigs, according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in in a report sent to Rigzone on October 10, talking about Baker Hughes’ October 6 rig count.
“The largest fall in activity occurred in the Midland Basin where the rig count fell by five to 108 rigs,” they added.
“Elsewhere in the Permian Basin, the rig count in the New Mexico part of the Delaware Basin rose by four to 105 rigs, while activity in the Texas part of the Delaware Basin was unchanged at 74 rigs and other Permian activity fell by two to 22 rigs,” they continued.
Baker Hughes’ September 29 rig count showed that North America dropped six rigs week on week and its September 22 count revealed that North America went back to losing rigs week on week. In that rig count, Baker Hughes outlined that the U.S. dropped 11 rigs, while Canada’s count stayed the same, leading to a total weekly loss of 11 rigs for the region.
In its September 15 count, Baker Hughes highlighted that North America had broken a string of consecutive weekly rig losses. That rig count revealed that the region added 17 rigs week on week, with nine of these coming from the U.S. and eight from Canada.
The company’s September 8 count revealed that North America’s rig count dropped by four week on week, its September 1 count showed that North America cut four rigs week on week, its August 25 count showed that North America dropped nine rigs week on week, and its August 18 count showed that the region cut 13 rigs week on week. Baker Hughes’ August 11 count showed that North America dropped three rigs week on week and its August 4 count showed that North America dropped 10 rigs week on week.
Baker Hughes’ July 28 count revealed that North America added one rig week on week, its July 21 count showed that North America lost six rigs week on week, and its July 14 count showed that North America added seven rigs week on week. The company’s July 7 count highlighted that the region added 14 rigs week on week, and its June 30 count showed that the region dropped 10 rigs week on week.
Prior to the rig count released on June 30, North America had been on a streak of rig additions. The company’s June 23 count outlined that North America increased its rig count by five week on week and its June 16 count showed that North America added 15 rigs week on week. In the rig count prior to that, which was published on June 9, Baker Hughes revealed that North America had finally broken a rig loss streak which had gone on for several weeks. The region was shown in that count to have added 38 rigs week on week.
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