North America saw an increase in the number of rigs in the latest report by Baker Hughes. The total rig count for the region now stands at 728, with the U.S. contributing 600 rigs and Canada adding 128 rigs. Of the U.S. rig count, 578 are land rigs and 22 are offshore rigs. The breakdown further reveals that there are 496 oil rigs, 100 gas rigs, and four miscellaneous rigs in the U.S.
Week on week, there were some changes in specific states. Louisiana and Pennsylvania each added one rig, while New Mexico and Oklahoma each saw a drop in one rig. The U.S. experienced a shift in its gas and oil rig counts, with an increase in gas rigs and a decrease in oil rigs during the same period.
Canada’s rig count of 128 consists of 74 oil rigs and 54 gas rigs. The country saw a decrease in gas rigs but an increase in oil rigs week on week. Overall, the total rig count in North America is down by 65 compared to the previous year, with the U.S. contributing significantly to this decline.
Standard Chartered Bank Commodities Research Head Paul Horsnell highlighted an interesting trend in the gas rig count in the U.S., which fell below 100 for the first time in 31 months. The report pointed out specific changes in drilling activity in regions like Marcellus and Haynesville.
These developments in the rig count offer insights into the ongoing trends in the oil and gas industry in North America, reflecting the dynamic nature of the sector.
