Alberta has utilization rate of 47% for first week of January
Fifty-two per cent of drilling rigs are active in Western Canada, levels not seen since Jan. 2015, one more sign that the Canadian oil and gas industry is slowly recovering.
Oil prices hit a low of $29.64 in Jan. 2016, when the Canadian drilling rig fleet’s utilization rate was 25.7 per cent, but it declined even further to a low of 5 per cent only four months later in May.
January of this new year has started off strong, pushing 50 per cent utilization, with Alberta and Saskatchewan leading the way.
Alberta is sitting at 47 per cent for the first week of Jan., while Saskatchewan is at 52 per cent, according to the Canadian Association of Oilwell Drilling Contractors.
Baker Hughes’ international rig count for Dec. 2017 is 954, up 12 from the 942 counted in Nov. 2017, and up 25 from the 929 counted in Dec. 2016.
The international offshore rig count for Dec. 2017 was 191, up 8 from the 183 counted in Nov. 2017, and down 19 from the 210 counted in December 2016.
The average US rig count for Dec. 2017 was 930, up 19 from the 911 counted in Nov. 2017, and up 296 from the 634 counted in Dec. 2016.
The average Canadian rig count for Dec. 2017 was 205, up 1 from the 204 counted in Nov. 2017, and down 4 from the 209 counted in Dec. 2016.
The worldwide rig count for Dec. 2017 was 2,089, up 32 from the 2,057 counted in Nov. 2017, and up 317 from the 1,772 counted in Dec. 2016.