North America Goes Back to Adding Rigs

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

North America increased its rig count week on week, according to Baker Hughes’ latest rotary rig count, which was released on February 9.

The region added four rigs during the period, taking the total North America rig count up to 855, comprising 623 rigs from the U.S. and 232 from Canada, the count outlined. The U.S. added four rigs week on week, while Canada’s rig count remained unchanged during the period, the count revealed.

Of the total U.S. rig count of 623, 602 rigs are categorized as land rigs and 21 are categorized as offshore rigs. The country has 499 oil rigs, 121 gas rigs, and three miscellaneous rigs, Baker Hughes highlighted in the count, which showed that the country has 560 horizontal rigs, 51 directional rigs, and 12 vertical rigs.

Week on week, the U.S. added two land rigs and two offshore rigs and its gas rig count increased by four during the same period, Baker Hughes outlined. Directional and horizontal rigs in the U.S. each increased by two week on week, the count revealed.

Canada’s total rig count of 232 is made up of 141 oil rigs and 91 gas rigs, Baker Hughes highlighted in the count, which showed no change in the country’s oil and gas rig count week on week.

The total North America rig count is down 156 compared to year ago levels, according to Baker Hughes, which highlighted that the U.S. has driven this decline, cutting 138 rigs during the period while Canada cut 18 rigs. The U.S. has cut 110 oil rigs and 29 gas rigs, and added one miscellaneous rig, year on year, while Canada has dropped 20 oil rigs and added two gas rigs year on year, the rig count revealed.

In its previous count, which was released on February 2, Baker Hughes showed that North America’s rig count stayed flat week on week. Although the U.S. dropped two rigs week on week, Canada added two during the same timeframe, that count outlined.

“There are no signs yet of a recovery in U.S. oil drilling after 2023’s sharp fall,” analysts at Standard Chartered said in a report sent to Rigzone on February 6, referring to Baker Hughes’ February 2 rig count.

“The oil rig count was unchanged at 499 in the latest Baker-Hughes survey; it has stayed in a 497-501 range for the past eight weeks and in a 494-505 range for the past 19 weeks,” they added.

In its January 26 rig count, Baker Hughes showed that North America increased its rig count by eight rigs week on week. The U.S. added one rig week on week while Canada added seven during the same timeframe, that count showed.

In its January 19 count, Baker Hughes showed that North America increased its rig count by 11 rigs week on week and in its January 12 count, the company 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.

Baker Hughes’ 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 this article at Rigzone.com
*this article was not written by Roseland Oil & Gas