U.S. raises the offshore rig count ante

Got a building your selling? Worried about Taxes? Free 1031 eBook

Baker Hughes’ weekly rig count report shows that the number of offshore rigs in the United States was on the upswing last week with three units added to the mix. The total number of rigs operating in the U.S. also went up to 754 from 746 units during the week before.

Illustration; Source: Baron Oil

After the number of offshore rigs working in the U.S. fell to 14, Baker Hughes disclosed on Friday, 17 March 2023, that the number of these units rose to 17 last week. In addition, offshore rigs went up by 5 units on a year-over-year basis.

Moreover, the firm highlights that the total number of active drilling rigs – including onshore and offshore ones – in the United States increased by 8 units last week, climbing to 754, which is higher by 91 rigs than last year’s count of 663 with oil rigs surging up by 65 units, gas rigs going up by 25 units, and miscellaneous rigs being up by 1 unit.

Compared to the figures from the previous week, oil rigs in the U.S. went up by 1 unit to 589 last week while gas rigs climbed up by 9 units to 162 and miscellaneous rigs kept the status quo at 3 units.

However, the total number of active rigs in Canada went down by 16 units last week to 207 rigs compared to the week before with oil rigs down by 17 units to 122 while gas rigs were up 1 unit to 85.

Furthermore, Baker Hughes’ report showed that the total number of rigs in Canada increased by 31 units from last year’s count of 176 rigs. While oil rigs went up by 19 units last week compared to the year before, gas rigs increased by 12 units.

Rig count; Source: Baker Hughes