BHI: Seasonal Canadian drilling dive pushed down global rig count in March
The average worldwide rig count for March fell by 42 month-over-month to 1,985, but remained up 434 units compared with the March 2016 total, according to Baker Hughes Inc. data.
The first decline in 10 months primarily reflected Canada’s 89-unit month-over-month drop to an average of 253, which is still up 165 year-over-year. The country’s average count went from 42 in May 2016 to 342 in February.
The dramatic fluctuations in Canadian drilling throughout the course of a year primarily relate to weather and resulting road closures. During the spring, road restrictions are put into place as snow and ice thaw, limiting movement of rigs, accompanying equipment, and field personnel.
Benefitting from a warmer year-round climate, the US continued a steady climb that began in May 2016 with a 45-unit month-over-month increase in March to 789, up 311 year-over-year.
Europe was the only other region to shed rigs during March, losing 13 units to 94, down 2 compared with its March 2016 total. Turkey led the way with a 6-unit drop to 23, down 5 year-over-year. Offshore UK relinquished 3 units to 8, down 1 from its year-ago total. The Netherlands lost both of its active rigs.
Asia-Pacific gained 2 units during the month to 198, up 15 year-over-year. India rose 2 units to 117, up 14 year-over-year. Africa increased 3 units in March to 80, down 11 year-over-year. Nigeria increased 3 units to 10, up 2 year-over-year.
The Middle East climbed 4 units during the month to 386, down 11 year-over-year. Egypt jumped 7 units to 30, down 1 year-over-year. Iraq rose 3 units to 43, down 5 year-over-year. Kuwait, meanwhile, decreased 5 units to 54, still up 13 year-over-year.
Latin America led all regions outside the US with a 6-unit March rise to 185, down 33 year-over-year. Argentina gained 4 units to 58, down 10 year-over-year. Mexico rose 2 units to 18, down 9 year-over-year. Brazil increased 2 units to 16, down 12 year-over-year. Colombia, meanwhile, dropped 3 units to 19, still up 15 year-over-year.
Contact Matt Zborowski at [email protected].
