U.S. and Canadian Drill Rig Counts Continue to Rise

The Canadian rig count rose by 8 to 164 rigs, with oil rigs up 5, gas rigs up 3, and miscellaneous rigs unchanged. This week’s count is up 110 rigs over levels one year ago, with oil rigs up 81, gas rigs up 28, and miscellaneous up 1. See the second graph below for a history of active Canadian rig counts.

International rigs decreased by 7 to 751 rigs for the month of July, an increase of 8 rigs from the same month one year ago. For a history of both the U.S. and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.

For more in-depth information on the energy market, Steel Market Update publishes an “Energy Update” report each month covering oil and natural gas prices, detailed rig count data, and oil stock levels for our Premium members. Our next report will be published early this week.

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 sidetrack 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.

By Brett Linton, Brett@SteelMarketUpdate.com