For the week ending July 19, Baker-Hughes reported that the Western Canadian gas-directed drilling rig count rose three to 66 (blue line in left hand chart below) and five less than a year ago. For the oil-directed drilling rig count, it rose four to 127 (red line in right hand chart), 12 more than a year ago and five above the top end of the five-year range. The gas rig count continues to post modest seasonal increases, but remains behind the pace of last year. The very strong oil rig count continues to underscore producers desire to capitalize on sustained strength in crude oil prices and additional egress capacity provided by the Trans Mountain Pipeline expansion.
Featured Articles
- Analyst Insight
Canadian Drilling – Another Big Gain for the Oil Rig Count, Gas Rigs Limp Higher
The Canadian oil rig count set a new five-year high while the gas rog count continued to struggle.
- Analyst Insight
Canadian Drilling – Gas Rig Count Creeps Higher, Oil Remains Near Seasonal High
Latest Canadian weekly rig counts little changed; no acceleration for gas and oil holding seasonally strong.
- Analyst Insight
Canadian Drilling – Gas Rig Count Pushes Higher, Oil Above Five-Year Range
The latest Canadian oil rig count pushed through to a new five-year high, while gas drilling continues to creep higher, but lags last year's pace.
