As of May 31, Baker Hughes reported that the Western Canadian gas directed drilling rig count fell by two to 54 (blue line in left hand chart below) and eight higher than a year ago. For the oil directed drilling rig count, it rose nine to 71 (red line in right hand chart) and 21 higher than a year ago. The gas rig count has reached its lowest point this year, likely reflecting producers’ reluctance to increase drilling due to low benchmark gas prices, while the oil rig count is rapidly rebounding from the lows of spring break up.
Featured Articles
- Analyst Insight
Canadian Drilling – Oil Rig Count Roaring Back, With Gas Going Sideways
Canadian oil rig count continues to roar higher driven by drilling in the Bakken and Alberta heavy oil. Will gas drilling ever make a comeback?
- Analyst Insight
Canadian Drilling Rig Counts – Gas Rigs Steady, Oil Rigs Slip Lower
Canadian gas rig count held steady at 90 in the latest week, while oil slipped three to 141.
- Analyst Insight
Canadian Drilling - Oil Rig Count Reaches Triple Digits, Gas Still in the Doldrums
Gas rigs continue to go sideways as low gas prices hold back the incentive to drill; oil rig count roaring higher as producers work on expanding oil sands production.
