OCTG
Rig counts rise in US, Canada but down from last year
Written by Laura Miller
January 19, 2024
While oil and gas drilling in the US and Canada increased in the week ended Jan. 19, less drilling is happening than at this time last year, Baker Hughes’ latest data shows.
US
The number of active rotary rigs in the US inched up by one to 620 this past week, with two fewer oil rigs (for a total of 497), three additional gas rigs (for a total of 120), and miscellaneous rigs unchanged at three.
The count of active US rigs is down by 151 from the same week last year when 771 rigs were in operation, according to the data from the oilfield services provider. There are 116 fewer oil rigs and 36 fewer gas rigs in operation, while the miscellaneous count is up by one to two.
Canada
The number of operating oil and gas rigs in Canada rose to a total of 223, up by 10 from the week prior. Oil rigs increased by seven to 140, and gas rigs rose by three to 83.
Drilling in Canada is also lower than last year, with 13 fewer oil rigs and five fewer gas rigs.
International rig count
The international rig count is updated monthly. The total number of active rigs during December was 955, down by 23 from the previous month but higher by 55 from December 2022.
The Baker Hughes rig count is important to the steel industry as it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.
A rotary rig rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. Wells are drilled to explore for, develop, and produce oil or natural gas. Baker Hughes’ rotary rig count includes only those rigs that are significant consumers of oilfield services and supplies.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
Laura Miller
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