North America added one rig week on week, according to Baker Hughes’ latest rotary rig count, which was released on November 10.
Although the U.S. dropped two rigs week on week, Canada added three in the same timeframe, taking the total North America rig count to 815, comprising 616 U.S. rigs and 199 Canada rigs, the count outlined.
Of the total U.S. rig count of 616, 595 are classified as land rigs, 19 are classified as offshore rigs, and two are classified as inland water rigs. The country’s total rig count is made up of 494 oil rigs, 118 gas rigs, and four miscellaneous rigs, the count revealed.
Week on week, the U.S. added one land rig, dropped one inland water rig, and two offshore rigs, Baker Hughes pointed out. The country’s oil rig dropped by two week on week, while its gas and miscellaneous rig counts stayed the same, Baker Hughes highlighted.
New Mexico, Ohio, Oklahoma, and Wyoming all added one rig week on week, while Louisiana dropped three, Texas dropped two, and Pennsylvania dropped one rig during the same timeframe, Baker Hughes’ count outlined.
Canada’s total rig count of 199 comprises 125 oil rigs and 74 gas rigs, according to Baker Hughes, which revealed that the country’s oil rig count increased by three week on week and its gas rig count remained unchanged.
Baker Hughes’ latest rig count outlined that North America is down 164 rigs on year ago figures and showed that the U.S. has driven this decline, cutting 163 rigs during the period while Canada dropped one rig. The U.S. has cut 128 oil rigs and 37 gas rigs, and added two miscellaneous rigs, year on year, while Canada has dropped eight oil rigs and added seven gas rigs year on year, the rig count revealed.
In its previous rig count, which was released on November 3, Baker Hughes revealed that North America dropped seven rigs week on week. The U.S. dropped seven rigs and Canada’s rig count stayed flat during the timeframe, that count highlighted.
“After three weeks of small increases in activity, U.S. oil drilling has fallen sharply according to the latest Baker-Hughes survey,” analysts at Standard Chartered said in a report sent to Rigzone on November 7, referring to Baker Hughes’ November 3 rig count.
“The U.S. oil rig count fell by eight week on week to a 21-month low of 496 rigs, taking the year on year decline to 117 rigs (19.1 percent) and the YTD decline to 125 rigs (20.1 percent),” they added.
“The largest fall was in the Texas part of the Delaware Basin where oil activity fell by four to 75 rigs, while oil activity in the New Mexico part of the basin gained three to 96 rigs,” they continued.
In its October 27 rig count Baker Hughes revealed that North America cut one rig week on week.
Baker Hughes’ October 20 count showed that North America added seven rigs week on week and its October 13 count revealed that the region stopped a streak of rig losses and added a total of 16 rigs week on week.
Baker Hughes’ October 6 rig count highlighted that North America cut 15 rigs week on week, its 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. Baker Hughes’ September 15 count showed that North America had broken a string of consecutive weekly rig losses.
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