The U.S. and Canadian oil and gas rig count has fallen to a new record low on the week ending 22 May, Kallanish Energy learns from energy services firm Baker Hughes.
The North American rig count dropped by 23 rigs to 339. The U.S. rig count fell by 21 to a record low of 318 – the tenth consecutive week of declines and the third consecutive week of record lows for the U.S. count of active rigs.
While U.S. oil rigs dropped to an all-time low, natural gas rigs continued unchanged at 79.
In Canada, however, natural gas rigs dropped by 3 to 13 rigs, while oil rigs increased by 1 to 8.
On an annual comparison, North American rigs declined by 722 to 1,061. In the U.S. the drop was of 665 rigs to 983, and in Canada the decline was of 57 rigs to 78.
Drillers cut rigs by 68% y-o-y in the U.S. and 73% y-o-y in Canada, the data showed.
Baker Hughes’ weekly rig count data is considered to be a good indicator of future oil and gas production.
Rig count by major basins
|This week||Last week||w-o-w change||Year ago|
|Eagle Ford Shale||22||24||-2||75|
Source: Baker Hughes
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