US Finally Halts Sliding Rig Count
After 20 consecutive weeks of watching US drillers idle rigs in the wake of the Covid-19 pandemic and the Opec+ price war, the industry managed to halt the erosion, according to the latest Baker Hughes rig count released July 31.
The active rig count in the US for the week ended July 31 remained at 251: one gas rig was added, one oil rig was removed. It’s the first week since March 6 – when the count stood at 793 active rigs – that Baker Hughes hasn’t reported a decline.
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The active rig count in Canada, meanwhile, grew by three – one drilling for gas, one for oil and one categorised as ‘miscellaneous’, marking the fifth consecutive weekly increase. There are now 45 rigs active in Canada, down from a March 6 count of 203.