As of June 7, Baker Hughes reported that the Western Canadian gas directed drilling rig count was unchanged at 54 (blue line in left hand chart below) and three higher than a year ago. For the oil directed drilling rig count, it rose 15 to 86 (red line in right hand chart) and two higher than a year ago. The gas rig count continues to hold at 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 after the conclusion of spring break up.
Featured Articles
- Analyst Insight
Canadian Drilling – Oil Rig Count Rising, While Gas Holds Near Steady
Canadian rig counts are recovering off the lows of spring break up with oil rigs leading the way; gas rigs have been little changed, likely reflecting the current poor gas pricing environment..
- 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.
- Analyst Insight
Canadian Drilling – Oil Rig Count Holds Strong, Gas Still Struggling to Increase
Canadian gas drilling, though at the top end of the historic range, has shown little tendency to increase in the the past two months; oil drilling, however, remains very active, with Alberta and its oil sands leading the way.
