For the week of December 12, Baker Hughes reported that the Western Canadian gas-directed rig count rose four to 69 (blue line and text in left hand chart below), one less than a year ago and the highest since the end of February. The oil-directed rig count slipped three to 123 (red line and text in right hand chart), five more than a year ago, and its highest level for this time of year since 2022. Rig counts are likely on the cusp of rolling over as part of the traditional holiday break for rig crews at the end of each year.
Of the three western provinces in which gas drilling takes place (table below), two were added in each of Alberta and British Columbia (BC). In terms of drilling by formation, two rigs were picked up in each of the BC and Alberta Montney. The BC Montney is at its highest point since the first week of April and remains two below last year.
For the provinces in which oil drilling takes place (table below), one rig was lost in Alberta, three dropped in Saskatchewan, and one added in BC. By formation/region, Saskatchewan’s three rig loss came in its Bakken formation, while Alberta had mixed losses and a gain between the oil sands, Duvernay Oil/NGLs, and Cold Lake heavy oil. The biggest year-on-year loss came in Alberta’s Peace River heavy oil with a decline of five, while the province’s Cold Lake region recorded a year-on-year gain of eight.
