Total rig count down nine

Baker Hughes released its monthly International Rig Count today, outlining how drilling activity changed in November.

Overall nine rigs shut down in November. There are now a total of 942 rigs active internationally. The decrease in activity was due to slowing operations in Europe and the Middle East, which accounted for a combined decrease of 13 rigs.

There are now 85 rigs active in Europe, down six from last month. Decreases in country-level rig counts were seen across the board, with Italy, Norway, Turkey, Serbia and the UK each seeing drops in activity. Only one European country saw activity increase this month, as Albania added one rig for a total of two operating.

Middle East

Europe and Middle East Rig Counts Fall, Latin America Rises

Source: EnerCom Analytics

Decreases were also seen in the Middle East, where seven rigs shut down. Drilling activity decreased in Saudi Arabia, UAE, Iraq, Qatar, Egypt and Pakistan, and rose in Kuwait and Oman. There are now a total of 378 Middle Eastern rigs active.

Latin America

Drilling activity increase in Latin America, rising by four to 181. Argentina, Brazil, Chile, Colombia and Venezuela all saw activity increase, while rig counts dropped in Bolivia and Mexico. Total rig counts were unchanged in Africa and Asia-Pacific, though individual countries sometimes saw significant changes in activity. The largest change in this region occurred in Indonesia, which added six rigs in November.

Land rigs up 12, offshore down 21

Activity shifted in favor of land-based operations in November, as land rigs increased by 12 in total, while offshore rigs decreased by 21. Drilling also focused on oil targets, with the total number of oil rigs increasing by seven. Gas-targeting rigs decreased by 11, and five “miscellaneous” rigs also shut down. Oil drilling is most popular in Latin America, where 88% of all rigs are currently drilling for oil. Gas is most popular in the Middle East, as 23% of Middle Eastern rigs target natural gas.

OPEC rig count

OPEC saw drilling activity increase this month, according to Baker Hughes, rising by three rigs to 426. Most of this increase was due to growth in Indonesia and Kuwait, which outweighed the decreased drilling in Saudi Arabia.

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