Steel Markets
Oil & Gas Drilling Rigs Increase
Written by Brett Linton
October 24, 2014
According to Baker Hughes data from October 24th 2014, the U.S rig count for this week is 1,927 rigs exploring for or developing oil or natural gas. This count represents an increase of 9 rigs compared to last week, with oil rigs up 5 to 1,595 rigs, gas rigs up 4 to 332 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to last year the 1,927 count is an increase of 189 rigs, with oil rigs up by 238 gas rigs down by 44, and miscellaneous rigs down by 5.
The Canadian rig count increased by 9 to 426 rigs this week, with oil rigs up 1 to 232 rigs and gas rigs up 8 to 194 rigs. Compared to last year the 426 count is an increase of 22 rigs, with oil rigs down by 17 and gas rigs up by 39. International rigs decreased by 16 to 1,323 rigs for the month of September, an increase of 39 rigs from the same month one year ago. For a history of both the US and Canadian rig count click 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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