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North America Breaks Rig Loss Streak

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North America added eight rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on October 14.

The total North America rig count is now 985, comprising 769 rigs from the US and 216 rigs from Canada. The US added seven of the eight rigs week on week, while Canada added one rig week on week, the rig count highlighted.

The US rig figure of 769 is made up of 752 land rigs, 14 offshore rigs and three inland water rigs, with 610 of these rigs classified as oil rigs, 157 as gas rigs, and two as miscellaneous rigs. Canada’s total rig figure comprises 150 oil rigs and 66 gas rigs, according to Baker Hughes.

North America has added 274 rigs year on year, with 226 of these coming from the US and 48 coming from Canada, the rig count showed. The US has added 165 oil rigs, 59 gas rigs, and two miscellaneous rigs year on year, while Canada has added 52 oil rigs and dropped four gas rigs year on year.

In its previous rig count, which was published on October 7, Baker Hughes highlighted that North America dropped one rig week on week. In the rig count before that, which was published on September 30, Baker Hughes revealed that North America dropped another rig week on week. Baker Hughes’ previous two rig counts before that showed that North America added rigs week on week.

Baker Hughes, which has issued the rotary rig counts to the petroleum industry since 1944, describes the figures as an important business barometer for the drilling industry and its suppliers.

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