According to the Baker Hughes North American Rig Count survey, Canadian rigs saw a healthy increase of 23 rigs this week, up 13.6% for the week while the US rig count continued to fall (after showing modest gains for the past 2 weeks). Overall, Canada helped the North American rig count post a net gain of 17 rigs for the week. Why has drilling activity increased so dramatically for the week? The answer is simple. This is normal activity for Canadian drillers. During the summertime, drilling rigs come back online as the winter months start to fade. Historically, in March of every year, the rig count drops dramatically as rig operators shut down drilling operations. In July, the opposite happens. Overall, the Canadian rig count is down by almost 50% from a year ago.
As oil prices continued to fall this week, the US posted a net loss of 7 oil rigs and a net gain of 1 natural gas rig.
Here are the US basins that saw the biggest drops:
Ardmore Woodford -29%
Arkoma Woodford -17%
Cana Woodford -6%
Eagle Ford -4%
The basins that showed gains this week:
Granite Wash +13%
All other US basins remained unchanged. The biggest drop in the US came from Oil wells with a net loss of 7. At the same time, there was a net gain of 1 gas well. Overall, the US rig count has lost 54% since July 2014.
Tim Cook is the President and Founder of PathFinder Staffing, an oil and gas recruiting agency located in Houston, Texas. He has been a oil and gas recruiter since 1995. To talk to one of our oil and gas recruiters about your job search or your hiring needs, visit our web site at www.PathFinderStaffing.com.
- 24 Jul, 2015
- Tim Cook
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