North America Rig Gain Streak Hits 10 Weeks
by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
North America gained 17 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on July 26.
The U.S. added three rigs and Canada added 14 rigs week on week, taking the total North America rig count up to 800 rigs, comprising 589 from the U.S. and 211 from Canada, the count outlined.
Of the total U.S. rig count of 589, 568 are categorized as land rigs and 21 are categorized as offshore rigs. The country’s total rig count comprises 482 oil rigs, 101 gas rigs, and six miscellaneous rigs, Baker Hughes highlighted. The total U.S. rig count is made up of 523 horizontal rigs, 49 directional rigs, and 17 vertical rigs, Baker Hughes revealed.
Week on week, the U.S. added four land rigs and dropped one offshore rig, according to the count, which showed that the country’s oil rig count increased by five and its gas rig count dropped by two during the same timeframe. The U.S. added three horizontal rigs and one directional rig, and dropped one vertical rig, week on week, Baker Hughes’ count showed.
Oklahoma added two rigs, and North Dakota and Alaska each added one rig, week on week, while Louisiana dropped one rig during the same period, the count outlined.
Canada’s total rig count of 211 is made up of 144 oil rigs and 67 gas rigs, the count pointed out. Canada added 14 oil rigs and one gas rig, and dropped one miscellaneous rig, week on week, the count highlighted.
The total North America rig count is down 57 compared to year ago levels, according to Baker Hughes, which outlined that the U.S. has driven this decline, cutting 75 rigs during the period while Canada’s count increased by 18. The U.S. has cut 47 oil rigs, 27 gas rigs, and one miscellaneous rig, while Canada has added 23 oil rigs and dropped five gas rigs, year on year, the rig count revealed.
“The rig count in the five major tight oil basins rose by two as the Anadarko, Bakken, and Eagle Ford each added one rig, the Permian lost one, and the Niobrara stayed flat,” analysts at J.P. Morgan stated in a drilling-focused research note sent to Rigzone by the JPM Commodities Research team on Friday.
“Although the rig count rose by only two, this is the largest rig increase observed in the major tight oil basins since April,” the analysts added.
“While we do not expect a material increase in oil drilling over the upcoming weeks, this positive print further supports our view that major tight oil drilling activity may have reached its bottom in June,” the analysts continued.
In its previous rig count, which was published on July 19, Baker Hughes revealed that North America added 10 rigs week on week. The U.S. added two rigs and Canada added eight rigs week on week, that count showed.
Baker Hughes’ July 12 count showed that North America added 13 rigs week on week, its July 5 count revealed that North America added three rigs week on week, its June 28 count also showed that North America added three rigs week on week, its June 21 rig count revealed that North America added four rigs week on week, and its June 14 count showed that North America added 13 rigs week on week.
The company’s June 7 count revealed that North America added nine rigs week on week, its May 31 count showed that North America added eight rigs week on week, and its May 24 rig count highlighted that North America added two rigs week on week.
Baker Hughes’ May 17 count revealed that North America dropped one rig week on week, its May 10 count showed that North America dropped six rigs week on week, and its May 3 count also showed that North America dropped six rigs week on week. The company’s April 26 count showed that North America dropped 15 rigs week on week and its April 19 count showed that North America cut 12 rigs week on week.
Baker Hughes’ April 12 count revealed that North America added two rigs week on week, and its April 5 count showed that North America cut 16 rigs week on week.
The company’s March 28 count revealed that North America dropped 21 rigs week on week, its March 22 count showed that the region cut 43 rigs week on week, its March 15 count showed that the region cut 11 rigs week on week, and its March 8 rig count showed that North America dropped 13 rigs week on week.
Baker Hughes’ March 1 rig count revealed that North America added three rigs week on week, its February 23 rig count showed that North America added two rigs week on week, and its February 16 count showed that North America’s rig count remained unchanged week on week.
The company’s February 9 rig count revealed 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, its 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 this article at Rigzone.com
*this article was not written by Roseland Oil & Gas