North America continued its rig loss streak, in accordance with Baker Hughes.
The corporate’s newest rotary rig rely confirmed that the area dropped 16 rigs week on week, with a type of coming from the U.S. and 15 coming from Canada. North America’s whole rig rely now stands at 756, comprising 620 rigs from the U.S. and 136 rigs from Canada, the report outlined.
Of the entire U.S. rig rely of 620, 600 are categorized as land rigs and 20 are categorized as offshore rigs. The nation has 508 oil rigs, 110 fuel rigs, and two miscellaneous rigs, in accordance with Baker Hughes’ rely, which revealed that the U.S. horizontal rig rely stood at 557, its directional rig rely stood at 51, and its vertical rig rely stood at 12.
Week on week, the U.S. dropped one land rig, the rely confirmed. The nation added two oil rigs, however dropped two fuel rigs and one miscellaneous rig week on week, and added one directional rig, however dropped one horizontal and one vertical rig throughout the identical timeframe, the rely revealed.
Texas added seven rigs and Pennsylvania added one rig week on week, whereas California and New Mexico every dropped three rigs, Louisiana dropped two rigs, and West Verginia dropped one rig week on week, the rely highlighted.
Of Canada’s whole rig rely of 136, 71 are categorized as fuel rigs and 65 are categorized as oil rigs. The previous dropped by 5 week on week, whereas the latter dropped by 10 throughout the identical timeframe, the rely identified.
The whole North America rig rely is down 122 in comparison with yr in the past ranges, in accordance with Baker Hughes, which highlighted that the U.S. has pushed this decline, slicing 131 rigs in the course of the interval whereas Canada’s rely elevated by 9. The U.S. has reduce 82 oil rigs, 48 fuel rigs, and one miscellaneous rig, whereas Canada has dropped 4 fuel rigs and added 13 oil rigs, yr on yr, the rig rely confirmed.
In its earlier rig rely, which was launched on March 28, Baker Hughes confirmed that North America reduce 21 rigs week on week. The U.S. dropped three rigs week on week and Canada reduce 18, that rely confirmed.
“The U.S. oil rig rely fell by three week on week to 506 in accordance with the newest Baker-Hughes survey,” analysts at Normal Chartered mentioned in a report despatched to Rigzone on April 2, referring to Baker Hughes’ March 28 rig rely.
“The weak point was partly as a result of decrease exercise within the Gulf of Mexico, with the offshore Louisiana rig rely falling by three to 16. The horizontal rig rely (a broad proxy for shale oil drilling) rose by two rigs to 456 rigs, nonetheless inside the slender 450-457 vary it has occupied since mid-November,” they added.
“Exercise within the Texas part of the Delaware Basin fell by 4 to 68, whereas oil exercise was 5 rigs increased at 102 rigs within the New Mexico part of the basin. Elsewhere within the Permian Basin, Midland Basin exercise was unchanged at 123 rigs and different Permian exercise was unchanged at 17 rigs. The U.S. fuel rig rely was unchanged at its two-year low of 112,” they continued.
Baker Hughes’ March 22 rely confirmed that North America reduce 43 rigs week on week, its March 15 rely confirmed that North America reduce 11 rigs week on week, and its March 8 rig rely confirmed that North America reduce 13 rigs week on week.
Baker Hughes’ March 1 rig rely revealed that North America added three rigs week on week, its February 23 rig rely confirmed that North America added two rigs week on week, and its February 16 rely confirmed that North America’s rig rely remained unchanged week on week.
The corporate’s February 9 rig rely revealed that North America elevated its rig rely by 4 rigs week on week, its February 2 rely confirmed that North America’s rig rely stayed flat week on week, and its January 26 rig rely confirmed that North America elevated its rig rely by eight rigs week on week.
Baker Hughes’ January 19 rely revealed that North America elevated its rig rely by 11 rigs week on week, its January 12 rig rely confirmed that North America elevated its rig rely by 86 rigs week on week, and its January 5 rig rely, which marked the corporate’s first rotary rig rely of 2024, confirmed that North America added 38 rigs week on week.
The corporate’s remaining rotary rig rely of 2023 confirmed a notable week on week and yr on yr drop for North America. The area’s rig rely decreased by 58 week on week and by 155 yr on yr, in accordance with that rely, which was launched on December 29.
Baker Hughes, which has issued the rotary rig counts to the petroleum business since 1944, describes the figures as an vital enterprise barometer for the drilling business and its suppliers. The corporate obtains its working rig location data partly from Enverus.
To contact the writer, e-mail andreas.exarheas@rigzone.com