Canada Drops 100+ Rigs

Canada Drops 100+ Rigs
Canada dropped 103 rigs week on week.

Canada dropped 103 rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on December 22.

The country decreased its oil rig count by 92 and its gas rig count by 11 week on week, taking its total rig count to 96, Baker Hughes’ count showed. Canada now has 32 oil rigs and 64 gas rigs, the count revealed.

In contrast, the U.S. added three rigs week on week, taking its total rig count to 779, Baker Hughes highlighted. Of this total rig count, 622 are oil rigs, 155 are gas rigs, and two are miscellaneous rigs, according to Baker Hughes, which categorizes 762 of the total count as land rigs, 15 as offshore rigs, and two as inland water rigs.

The total North America rig count is now 875, according to Baker Hughes’ latest figures. This marks an increase of 156 compared to year ago levels, Baker Hughes showed. The U.S. has added 193 rigs year on year, while Canada has lost 37 rigs year on year, Baker Hughes outlined. The U.S. additions comprised 142 oil rigs, 49 gas rigs, and two miscellaneous rigs, while Canada dropped 52 oil rigs and added 15 gas rigs, Baker Hughes revealed.

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, which produces daily rig counts using GPS tracking units.

To contact the author, email andreas.exarheas@rigzone.com



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