North America Rig Count More Than Doubles

North America Rig Count More Than Doubles
North America's rig count now stands at 700.

North America’s rig count has more than doubled, according to Baker Hughes’ latest rotary rig count, which was published on October 8.

The region’s rig count now stands at 700, which represents an addition of 351 rigs compared to this time last year, when North America’s rig count stood at 349, Baker Hughes rig count shows. North America’s rig count increased by seven week on week, with five of these additions coming from the U.S. and two from Canada.

The U.S. rig count currently stands at 533, which is 264 more than this time last year. Of the total U.S. rig count of 533, 433 of these rigs are classified as oil rigs, 99 are classified as gas rigs and one is classified as a miscellaneous rig. Compared to year ago figures, the U.S. has added 240 oil rigs and 26 gas rigs, while dropping two miscellaneous rigs.

A total of 520 land rigs, 11 offshore rigs and two inland water rigs make up the total U.S. rig count. Compared to a year ago, the U.S. has added 266 land rigs and one inland water rig and dropped three offshore rigs.

Canada’s rig count is currently at 167, comprising 95 oil rigs and 72 gas rigs. Compared to this time last year, when Canada’s rig count stood at 80, the country has added 56 oil rigs and 31 gas rigs.

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 initiated its monthly international rig count in 1975. Baker Hughes obtains its working rig location information in part from Enverus, which produces daily rig counts using GPS tracking units.

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