North America Loses More Rigs

North America Loses More Rigs
North America dropped another eight rigs week on week.

North America dropped another eight rigs week on week, according to Baker Hughes’ latest rotary rig count, which was published on March 17.

The reduction was driven by Canada, which dropped 16 rigs week on week, the count outlined. The U.S. was shown to have added eight rigs week on week, comprising five land rigs and three offshore rigs. According to the count, the total North America rig figure is now 961.

The U.S. makes up 754 rigs, while Canada makes up the remaining 207 rigs, the count shows. Of the total U.S. rig count of 754, 736 rigs are classified as land rigs, 17 are classified as offshore rigs, and one is classified as an inland water rig. This total figure comprises 589 oil rigs, 162 gas rigs, and three miscellaneous rigs, the count outlines. Canada’s total rig count of 207 is shown to comprise 122 oil rigs and 85 gas rigs.

North America has added 122 rigs year on year, according to Baker Hughes’ count, which shows that this increase was driven by the U.S. with 91 additions. Canada added the remaining 31 rigs, the count highlights. Of the 91 U.S. rig additions, 65 were classified as oil rigs, 25 were classified as gas rigs, and one was classified as a miscellaneous rig. Of Canada’s 31 additions, 19 were classified as oil rigs and 12 were classified as gas rigs.

In its previous rig count, which was published on March 10, Baker Hughes revealed that North America dropped 26 rigs week on week. In the rig count prior to that, which was published on March 3, North America was revealed to have dropped two 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, which produces daily rig counts using GPS tracking units.

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