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Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

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U.S. Oil Rig Count Climbs To A 10-Month High

Rig

This week’s Baker Hughes count shows a three-site increase for the United States oil rig count, bringing the number of active oil rigs to its highest point since the end of January.

The oil count now stands at 477 rigs – up 25 of the past 27 weeks – but still 68 rigs lower than the same time period last year, when the oil rig count stood at 545.

Gas rigs rose by a single rig, marking four straight weeks of increases after a dual rig drop in the November 11th report.

State-wise, Louisiana lost four rigs, while Colorado, North Dakota and Utah lost one or two rigs each.

Texas gained seven oil and gas rigs, Wyoming gained four, and Oklahoma gained two.

Activity in the Permian basin gained seven rigs—the biggest winner this week which likely comes as no surprise. Rigs in the Permian now stand at 235—which is 18 rigs more than this time last year—and has the distinction of being the only basin other than Cana Woodford to have more rigs in production now than a year ago. Related: Is This The Mastermind Behind The OPEC Deal?

The Haynesville basin saw an increase of three rigs, and Eagle Ford and Barnett saw an increase of two new sites each.

DJ-Niobrara and Williston lost two rigs each.

The Canadian rig count jumped up by 26 rigs, following a series of major jumps over the past month. The November 11th report showed a 22-site hike in the northern neighbor’s drilling activity. The week after, the count jumped by 8 rigs. While it lost 10 rigs last Wednesday, this week’s 26-rig gain brings Canada up to 200 rigs, which is 23 more rigs than they had in operation a year ago.

Last week’s report, which came out on November 23rd, showed a three-site oil rig jump in the United States, while the gas rig count rose by two sites.

By Zainab Calcuttawala for Oilprice.com

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  • Brian B. on December 02 2016 said:
    An increase of 3 oil rigs is pretty subdued. That could change next week, with the OPEC agreement coming into play. Never the less, until we start seeing weekly increases of 25-50 rigs, I would not get too concerned.

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