As of November 27, Baker Hughes reported that the Western Canadian gas-directed rig count rose three to 70 (blue line in left hand chart below), three less than one year ago, its highest reading in 34 weeks, and marks the first break out above the 60s range since mid-April. The oil-directed rig count rose one to 132 (red line in right hand chart), nine more than a year ago and a two-week high. Despite several large producers having recently announced further deferrals to gas-focused drilling programs, the recent strong upswing in Western Canadian natural gas prices may be spurring additional drilling. In addition, a recent bout of very cold weather may have been enough to promote sufficiently frozen ground conditions and allow gas and oil rigs to begin work in winter access-only drilling sites.
Featured Articles
- Analyst Insight
Canadian Drilling – Oil Rigs Move Lower Once Again, Small Uptick for Gas Rigs
The Canadian oil rig count made a surprising move lower, while gas rigs inched a little higher - almost the opposite of what one might expect.
- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Continue to Move Lower
Canadian rig counts drifted lower last week for both oil and gas.
- Analyst Insight
Canadian Drilling – Gas Rigs Hold Near Five-Year High, Oil Rigs Headed for a Holiday Break
Canadian gas rigs holding stable near a five-year high; oil rigs look set to take the plunge into the holidays.
