US Rig Count Falls
The United States has dropped four rigs since January 24, and 255 rigs since February 1, 2019, Baker Hughes’ most recent rotary rig count has revealed.
All four rigs dropped during the last week were land rigs, according to Baker Hughes, which shows the U.S. rotary rig count now stands at 790.
In Canada, the rotary rig count added three rigs since January 24 to make 247, Baker Hughes highlighted. This rig count added four rigs since February 1, 2019, according to Baker Hughes.
Baker Hughes’ current international rotary rig count, taken in December 2019, stands at 1,104, which is eight more than in November 2019 and 79 more than December 2018.
According to the Baker Hughes website, the company has issued the rotary rig count as a service to the petroleum industry since 1944. Baker Hughes initiated the monthly international rig count in 1975, its website shows.
“The Baker Hughes rig counts are an important business barometer for the drilling industry and its suppliers,” the company states on its website.
“When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons,” Baker Hughes adds.
Baker Hughes describes itself as the leading energy technology company. The business employs 67,000 people and operates in more than 120 countries, according to its website.
On February 3 Baker Hughes and C3.ai announced the launch of a new AI-based application that “allows well operators to view real-time production data, better project future production, and help optimize operations for improved oil and gas production rates”.
The application continuously uses machine learning algorithms to quickly aggregate historical and real-time data across production operations and creates a comprehensive view of production from individual and multiple wells to the pipeline, distribution, and point-of-sale, according to Baker Hughes.
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