Drill Rig count rises
October 9, 2022 Leave a comment
The monthly Worldwide Rig Count is out from Baker Hughes
FYI, this data is a monthly census of “active” drilling rigs exploring for or developing oil or natural gas.
A modest global increase of 1.5% was seen from the previous month.
In the attached PDF I encourage readers to look at which regions are closing in on a similar amount of rigs ‘in action’ as see in February 2020. Some are nearly there.
It’s quite telling though.
The Europeans are lagging as they are curtailed by ESG influences.
Latin America needs petro-dollars more desperately than others.
The Middle East can refrain drilling in order to will higher prices.
While the USA is a hair away from their February 2020 levels, driven by political rhetoric of oil independence and a government customer needing to replenish their dwindling Strategic Petroleum Reserve.
Needless to say or see, the number of Oil and Natural Gas drilling rigs being put to work isn’t in a declining trend.
October 9, 2022
by Rob Zdravevski
rob@karriasset.com.au
rob zdravevski's blog 