For the week ending January 31, Baker Hughes reported that the Western Canadian gas-directed rig count rose one to 72 (blue line and text in left hand chart below), 19 less than one year ago and remained below the low-end of the five-year range. The oil-directed rig count pushed 12 higher to reach 184 (red line and text in right hand chart), 43 more than a year ago and its highest level in nearly seven years when it was 193 rigs in the second week of March 2018. Mild weather across Alberta and parts of British Columbia may be helping to support and, in the case of oil rig counts, actively promote higher levels of drilling activity.
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Canadian Drilling – Gas Rigs Going Sideways, Oil Rigs Reach Near Seven-Year High
Canadian gas rig counts remain well supported, while oil rigs soared to near a seven-year high.
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Canadian Drilling – Steady Ahead for Gas and Oil Rig Counts
Little to no change for oil and gas rig counts as the industry cruises through the heart of the winter drilling season.
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Canadian Drilling – Oil Rig Count Holding Strong, Gas Rigs Dull as Dishwater
The Canadian oil rig count remains strong and well above the five-year average range. More pipeline capacity and solid oil heavy oil prices continue to incentivize oil drilling, especially in the oil sands. Gas rigs remain dull, unable to break out to the upside as gas producers continue to hold back activity in the face of very weak gas prices.
