After breaking a rig loss streak recently, North America has added more rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 20.
The U.S. added a total of two rigs and Canada added a total of five rigs week on week, taking the total North America rig additions during the period to seven, Baker Hughes revealed. The region’s total rig count now stands at 822, comprising 624 rigs from the U.S. and 198 from Canada, the count outlined.
Of the total U.S. rig count of 624, 599 are categorized as land rigs, 24 are categorized as offshore rigs, and one is categorized as an inland water rig. The country’s total rig count comprises 502 oil rigs, 118 gas rigs, and four miscellaneous rigs, according to Baker Hughes, which showed that the U.S. offshore rig count rose by two, its land, oil, and gas rig count each increased by one, its inland water rig count dropped by one, and its miscellaneous rig count stayed flat, week on week.
Canada’s total rig count of 198 comprises 121 oil rigs and 77 gas rigs, Baker Hughes’ latest count revealed. Week on week, the country added five oil rigs and one gas rig, and dropped one miscellaneous rig, the count revealed.
Despite another weekly rig increase for North America, Baker Hughes’ latest rig count outlined that the region is down 159 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 147 rigs during the period while Canada dropped 12 rigs. The U.S. has cut 110 oil rigs and 39 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped 23 oil rigs and added 11 gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on October 13, Baker Hughes revealed that North America stopped a streak of rig losses and added a total of 16 rigs week on week. In that rig count, Baker Hughes outlined that the U.S. added three rigs and Canada added 13 rigs during the period.
“The U.S. oil rig count rose for only the eighth time this year, gaining four week on week to 501 rigs according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in in a report sent to Rigzone on October 17, talking about Baker Hughes’ October 13 rig count.
“The year on year fall in activity widened to 109 rigs (17.9 percent). The week on week increase was led by drilling offshore Louisiana where activity rose three to 18 rigs,” the analysts added.
“The gas rig count fell by a single rig to 117, with activity in the Haynesville falling by two to a 33-month low of 44 rigs,” they continued.
In its October 6 rig count, Baker Hughes revealed that North America cut 15 rigs week on week. That count outlined that the U.S. dropped four rigs while Canada cut 11 rigs. 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.
Source : Rigzone