Environment and Energy
Dropping Rig Count Continues in Both US & Canada
Written by Brett Linton
February 26, 2016
According to Baker Hughes data from February 26, 2016, the U.S rig count for the week was 502 rigs exploring for or developing oil or natural gas. This is a decrease of 12 rigs when compared to last week, with oil rigs down 13 to 400 rigs, gas rigs up 1 to 102 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 502 count is down 765 rigs, with oil rigs down 586, gas rigs down 178, and miscellaneous rigs down 1.
The Canadian rig count decreased by 31 to 175 rigs this past week, with oil rigs down 26 to 83 rigs and gas rigs down 5 to 92 rigs. Compared to last year the 175 count is a decrease of 155 rigs, with oil rigs down 88 and gas rigs down 67. International rigs decreased by 50 to 1,045 rigs for the month of January, a decrease of 213 rigs from the same month one year ago. For a history of both the US and Canadian rig count, visit the Steel Market Update website here.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetracking an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett Linton
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