Drill Rig count rises

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

The Americas are drilling, ROW are not

Canadian rig count leaps 30% on the month.

In fact, over the past 2 months, the Canadians have doubled the amount of rigs put to work.

Even with that effort, the Canadians are still 25% below its February 2020 peak.

While if we only look at the U.S. and Latin America, they are a whisker away from its February 2020 number.

Uncannily, Europe, Africa and the Middle East all have approximately 29% less rigs cranking away than seen in February 2020.

Globally we’ve seen 2 consecutive months of a 4% increase in rigs (count) deployed.

Total global rig count is closing in on the March 2020 figure, not close to February 2020 and still some way to go towards any month back to 2017. 

So, the Americas are trying but the rest of world is tempered.

August 15, 2022

by Rob Zdravevski

rob@karriasset.com.au

Rigs in operation continues to increase

The amount of rigs in operation (globally) now back to levels seen 19 months ago.

African and U.S. locales lead the month over month percentage increase.

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