North America Drops Rigs for First Time in 2024
by Andreas Exarheas
click here to read the original article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America’s rig count dropped week on week for the first time in 2024, according to Baker Hughes.
The company’s latest rotary rig count, which was released on March 8, revealed that the region cut 13 rigs week on week, with seven of these coming from the U.S. and six from Canada. The total North America rig count is now 847, comprising 622 rigs from the U.S. and 225 from Canada, the count outlined.
Of the total U.S. rig count of 622, 601 are categorized as land rigs and 21 are categorized as offshore rigs. The country has 115 gas rigs, 504 oil rigs, and three miscellaneous rigs, according to Baker Hughes, which pointed out that the U.S. has 557 horizontal rigs, 52 directional rigs, and 13 vertical rigs.
Week on week, the U.S. dropped seven land rigs, and its gas, oil, and miscellaneous rig counts dropped by four, two, and one rigs, respectively, Baker Hughes revealed. The U.S. directional rig count stayed unchanged week on week, while its horizontal rig count dropped by four and its vertical rig count dropped by three, according to Baker Hughes.
While New Mexico added three rigs week on week, Louisiana dropped two rigs and Texas cut eight rigs during the same timeframe, Baker Hughes pointed out.
Canada’s total rig count of 225 is made up of 84 gas rigs and 141 oil rigs, Baker Hughes showed, highlighting that each of these counts dropped by three week on week.
The total North America rig count is down 122 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 124 rigs during the period while Canada added two rigs. The U.S. has cut 86 oil rigs and 38 gas rigs, while Canada has added two oil rigs, year on year, the rig count revealed.
In its previous rig count, which was released on March 1, Baker Hughes showed that North America added three rigs week on week. The U.S. added three rigs, while Canada’s count remained unchanged, that count outlined.
“The U.S. oil rig count rose by three week on week to a four-month high of 506 according to the latest Baker-Hughes survey; the year on year fall now stands at 86 rigs (-14.5 percent),” analysts at Standard Chartered said in a report sent to Rigzone on March 5, referring to Baker Hughes’ March 1 rig count.
“In the Permian Basin, oil drilling activity in the Delaware Basin rose by two, while Midland Basin activity gained one to 121 rigs and other Permian activity fell by two to 19 rigs. Oil drilling in Alaska gained two week on week to a five-year high of 12 rigs,” they added.
“The horizonal oil rig count (the type associated with the shale oil drilling) rose by one to 453 rigs, keeping it in the 450- 453 range for a seventh consecutive week. The U.S. gas count fell by a single rig to 119, taking the year on year reduction to 35 rigs (-22.7 percent),” the analysts continued.
Baker Hughes’ February 23 rig count showed that North America added two rigs week on week, its February 16 count showed that North America’s rig count remained unchanged week on week, and its February 9 rig count showed that North America increased its rig count by four rigs week on week.
According to Baker Hughes’ February 2 count, North America’s rig count stayed flat week on week, its January 26 rig count showed that North America increased its rig count by eight rigs week on week, and its January 19 count revealed that North America increased its rig count by 11 rigs week on week.
Baker Hughes’ 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