OCTG
Rig counts move up in US, Canada
Written by David Schollaert
January 26, 2024
Rig counts in the US and Canada both notched week-on-week increases for the week ended Jan. 26, Baker Hughes’ latest data shows.
US
The number of active rotary rigs in the US inched up by one to 621 this past week, with two more oil rigs (for a total of 499), one less gas rig (for a total of 119), and miscellaneous rigs unchanged stood at three.
The count of active US rigs is down by 150 from the same week last year when 771 rigs were in operation, according to the data from the oilfield services provider. There are 110 fewer oil rigs and 41 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 230, up by 7 from the week prior. Oil rigs increased by four to 144, and gas rigs rose by three to 86.
Drilling in Canada is also lower than last year, with 13 fewer oil rigs and four 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.
David Schollaert
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